City of Port Orchard Receives AA+ Rating Local investors have opportunity to purchase bonds
FOR IMMEDIATE RELEASE
October 20, 2023
PORT ORCHARD, WA – At the September 26th Port Orchard City Council meeting, members decided to pursue the issuance of approximately $11 million of Limited Tax General Obligation Bonds to finance the City Hall renovations project. D.A. Davidson & Co. in Seattle is serving as bond underwriter for the bonds. In preparation for the bond sale, anticipated on November 1st, S&P Global Ratings has assigned a rating of AA+ to the Bonds.
S&P stated that the AA+ rating reflects their view of the City of Port Orchard’s financial and economic profile, including:
- A broad and diverse regional economy
- Rapid local economic growth
- Strong financial performance for the past 3 audited fiscal years
- Extraordinarily strong financial reserves and liquidity
Noah Crocker, the city’s Finance Director, said, “We are pleased that S&P has recognized the work we have done over the past few years in building healthy reserves while maintaining prudent stewardship of the city’s services and infrastructure.”
Port Orchard is one of only 20 cities in Washington currently rated AA+ by S&P.
The AA+ rating means that, in S&P’s opinion, the City of Port Orchard’s capacity to meet its financial commitments is very strong. Crocker said: “We believe this not only applies to our ability to meet our long-term financial obligations, but also our credit quality as a partner in economic development initiatives.”
The AA+ LTGO rating is expected to provide favorable interest rates when the City of Port Orchard issues bonds.
The city plans to provide local residents an opportunity to “invest in the city” by purchasing some of the tax-exempt bonds. The offering is made only by the Official Statement, which is made available by the underwriter and city. If you have an interest in learning more about the bonds or would like to receive the Preliminary Official Statement, contact the city’s Finance Department at (360) 876-5139 or firstname.lastname@example.org no later than October 30th.