Go To Search
Click to Home
Find a Department

All News

Posted on: August 13, 2012

Wall Street upgrades, affirms Pierce County's strong bond ratings

In moves that reflect confidence in Pierce County's fiscal management, two leading Wall Street ratings agencies gave the county high marks on bonds that will be invested in projects to make the region safer and better prepared to handle population and job growth.

Standard and Poor's (S&P) and Moody's both updated their ratings this month for bonds that will fund equipment for South Sound 911 and the expansion and upgrade of the Chambers Creek Wastewater Treatment Plant. S&P upgraded its rating for the 911 bonds and affirmed its very strong rating for the treatment plant and sewer system, while Moody's affirmed its high quality ratings for both.

"Maintaining and improving strong bond ratings is a significant achievement in this difficult economy," County Executive Pat McCarthy said. "These ratings reflect the deep and diverse economic base, good financial management and low debt burden of Pierce County."

S&P upgraded the county's rating from "AA-" to "AA" on Limited Tax General Obligation bonds that will fund $18 million in the first phase of equipment purchases for South Sound 911. The communications agency is providing new radios to law enforcement and fire departments so that first responders can improve communications with each other in a seamless public safety network. Future bond sales will pay for the consolidation of 911 dispatch facilities and other equipment needs. Pierce County voters approved a one-tenth of 1 percent increase in the sales tax to pay the debt service.

S&P also affirmed its "AA" rating on Pierce County's Sewer Revenue Bonds, which will fund $210 million in proceeds, mostly for the Chambers Creek Wastewater Treatment Plant. The plant, which serves a large and growing portion of the county, is approaching its capacity and must be expanded and upgraded to accommodate growth and stronger environmental protection laws. The debt will be repaid by sewer rates.

Meanwhile, Moody's Investor Service affirmed its strong bond ratings and declared that the outlook on each is stable. Those ratings are Aa1 (county's issuer rating), Aa2 (South Sound 911) and Aa3 (sewer).

"These excellent ratings, combined with 40-year lows in interest rates, save public money by providing extremely low long-term financing for these important projects," said County Council Chair Joyce McDonald (District 2). "We will continue to closely monitor the county's performance so we can maintain our strong capacity to meet financial commitments and deliver vital services."

The county expects to sell the sewer bonds on Aug. 21. The South Sound 911 bonds are expected to be sold Aug. 22.

MEDIA CONTACT:Hunter George, Pierce County Communications director
(253) 798-6606hgeorge@co.pierce.wa.us

Facebook Twitter Google Plus Email

Other News in All News

Dementia: Setting the Record Straight

Posted on: November 3, 2014

District Court early closure on Sept. 12

Posted on: September 5, 2014

Your feet may be telling you something

Posted on: August 29, 2014

Video News: Farming Special

Posted on: August 28, 2014

Video News: Tourism Special

Posted on: July 24, 2014

County offices closed May 26

Posted on: May 26, 2013

Video News: Farming Special

Posted on: April 3, 2014

Pay your property taxes online

Posted on: March 18, 2014

Brookdale Road sewer project resumes

Posted on: March 7, 2014

County offices closed Feb. 17

Posted on: February 14, 2014

Sheriff's Community Academy openings

Posted on: February 7, 2014

County offices closed Jan. 20

Posted on: January 17, 2014

County Council elects Dan Roach as chair

Posted on: January 14, 2014

Homeless Coalition seeks volunteers

Posted on: January 9, 2014

Video News: Aviation Special

Posted on: January 2, 2014

Video News: Best of 2013 Special

Posted on: December 20, 2013

Video News: 2013 Economic Special

Posted on: December 20, 2013

Tips to treecycle your Christmas tree

Posted on: December 20, 2013

New levee will protect people, help salmon

Posted on: December 19, 2013

County offices closed Nov. 11

Posted on: November 8, 2013

Tips to prepare now for flood season

Posted on: November 4, 2013

Learn how to decipher Health Care Reform

Posted on: October 21, 2013
Pierce County Votes badge

‘I Voted’ badge goes digital

Posted on: October 17, 2013

PCTV wins 5 first-place programming awards

Posted on: September 27, 2013

Pet owners, avoid late fees in October

Posted on: September 16, 2013

Video News: Aviation Special

Posted on: September 5, 2013

Video News: Northwest Trek special

Posted on: August 29, 2013

Sheriff's Community Academy openings

Posted on: August 27, 2013

Grandparenting has a new look in 2013

Posted on: August 27, 2013

County offices closed July 4

Posted on: July 3, 2013

Video News: Aviation Special

Posted on: June 21, 2013

County offices closed May 27

Posted on: May 24, 2013

Home Safe on Cinco de Mayo

Posted on: May 10, 2013
L to R- Carrie Appling, Rebekah Vaughan, Maureen Sorenson, and Amber Hasler

Our CASAs are Superheroes

Posted on: April 23, 2013

PCTV earns 2 EMMY nominations

Posted on: April 18, 2013

Exporting creates jobs and profits

Posted on: April 3, 2013

Candidate workshop set for April 3

Posted on: March 26, 2013

County offices closed Feb. 18

Posted on: February 15, 2013

Learn the ins and outs of Medicaid

Posted on: January 23, 2013

County offices closed Jan. 21

Posted on: January 18, 2013

Fruit Tree Steward Program kicks off

Posted on: January 18, 2013

4 County Council members start terms

Posted on: January 15, 2013

Treecycle your Christmas tree

Posted on: December 24, 2012
Santa photo

See Santa land at Thun Field, Dec. 9

Posted on: December 4, 2012

County offices closed Nov. 22-23

Posted on: November 21, 2012

Fantasy Lights Walk is Sunday, Nov. 18

Posted on: November 16, 2012

Pierce County burn ban lifted

Posted on: October 15, 2012
touchtruck.jpg

Touch A Truck award results in

Posted on: October 11, 2012

Tacoma Fire hosts CPR Sunday, Oct. 14

Posted on: October 10, 2012
pctv

PCTV wins 12 national awards

Posted on: October 8, 2012

39 horses being seized from Graham property

Posted on: September 26, 2012

Sheriff's cadets perform well at academy

Posted on: September 26, 2012

Sound Transit Ribbon Cutting invite, Oct. 6

Posted on: September 24, 2012

Citizenship Celebration set for Sept. 22

Posted on: September 17, 2012

Ferry crew rescues kayaker

Posted on: September 7, 2012

Auditor announces mandatory recounts

Posted on: August 22, 2012

Heat advisory: Options for staying cool

Posted on: August 15, 2012

Rainier Country earns EMMY nomination

Posted on: April 25, 2012

Celebrate Puget Sound in May

Posted on: April 25, 2012

Juvenile Court volunteers honored

Posted on: April 20, 2012

Read with a Daffodil princess

Posted on: March 19, 2012

137 Pierce County volunteers honored

Posted on: March 16, 2012

County Council to meet in Frederickson

Posted on: February 29, 2012

Lake Tapps to be refilled mid-March

Posted on: February 28, 2012

Last chance for free storm debris disposal

Posted on: February 24, 2012

Free storm debris disposal ends Feb. 26

Posted on: February 17, 2012

Youth violence prevention experts needed

Posted on: February 14, 2012