FOR IMMEDIATE RELEASE
July 9, 2012
Gwen Schuler, Community Relations, firstname.lastname@example.org, (253) 591-5160
Maria Lee, Community Relations, email@example.com, (253) 591-2054
Fitch releases new bond rating for Tacoma
Convention Center and Parking Revenue Bond rating reaffirmed
Fitch Ratings announced they will downgrade the City of Tacoma’s $23.5 million unlimited tax general obligation (ULTGO) bonds to ‘A+’ from ‘AA’ and the $188.2 million general obligation (LTGO) bonds to ‘A’ from ‘AA-’. Fitch credited the City for having continued to cover the $28.1 million convention center and parking revenue bonds by reaffirming the “A+” rating.
“The City of Tacoma is not in a unique position. The economic recovery is slow and this has affected all levels of government across the country,” said Mayor Marilyn Strickland. “We remain focused on providing core services to our residents and we will continue to look for ways to reduce expenses.”
Fitch noted the City’s debt profile remains solid.
“The City is working to address its current structural deficit in the 2013-2014 Proposed Biennial Budget through a variety of fiscal measures that may impact the future borrowing or refinancing of our bonds,” said City Manager TC Broadnax.
Fitch Ratings is a global rating agency dedicated to providing value beyond the rating through independent and prospective credit opinions, research and data.