SPOKANE COUNTY, Wash. – Spokane County has received confirmation that its bond ratings will remain at AA+ from S&P Global Ratings and Aa1 from Moody’s Investors Service. An overview of the decisions and the rationale used is included with the attached rating action letters from both agencies.
These ratings maintain the County’s highest ever ratings by both rating agencies, which were initially received by Moody’s in 2017 and by S&P Global Ratings in 2019. The ratings result in access to lower interest rates on County debt. The only County in Washington State that has a higher rating than Spokane County is King County.
Commissioner Mary Kuney led the meetings with the rating agencies where the County presented a thorough and comprehensive picture of the financial control the County has had in budget management and investing in the economy. Commissioner Kuney shared, “The ability for the County to maintain this rating is a testament to our commitment to our constituents to run a fiscally responsible government through a focus on maintaining creditworthy reserves. Our continued focus on maintaining this rating will ensure lower interest rates on bonds issued by the County, ultimately resulting in significant savings to our taxpayers.”
Offering an additional perspective on what this means for the County from a budgetary standpoint, Gary Petrovich, Senior Director, Finance & Administration for Spokane County stated, “Maintaining this impressive bond rating is crucial for Spokane County. Our ability to maintain this rating means that we will be able to keep the cost of debt services low. I applaud the County Commissioners, leadership, and staff for implementing the sound financial policies of the County. Without their diligence, maintaining this rating would not have been possible.”