tandard and Poor’s has assigned an AA+ rating to the City of Lynnwood’s 2021 limited-tax general obligation bonds as well the city’s outstanding bonds.
According to a city announcement, the rating was issued May 26. The city said that Standard & Poore’s, which issues credit ratings for companies and debt obligation worldwide, indicated the following factors were taken into consideration in developing the city’s rating:
- Very strong economy within a broad and diverse metropolitan statistical area,
- Strong management with good financial policies and practices,
- Very strong budgetary flexibility and adequate budgetary performance,
- Very strong cash balances and low debt liability.
The AA+ bond rating “represents a very high level of creditworthiness and will allow the city to borrow funds at very low interest rates, which will translate to real savings in our budget,” said Lynnwood Mayor Nicola Smith.
“We are very pleased that the city has once again achieved high-quality credit ratings” said Michelle Meyer, City of Lynnwood finance director. “The ratings affirm the commitment of the mayor, city council and staff to prudent, strategic financial management, which was evidenced as tough budget decisions were made in response to the COVID-19 pandemic.”