Washingtoner - Tacoma: Fitch Ratings Outlook Upgrade Reaffirms City's Sustainable Fiscal Path

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~ Tacoma, Washington - Fitch Ratings has recently announced an upgrade in its outlook for the City of Tacoma, from 'AA' to 'AA+'. This upgrade serves as a testament to the city's commitment towards maintaining a sustainable fiscal path. The upgraded rating places Tacoma just one notch below the highest possible rating of 'AAA'.

According to Fitch, this upgrade is a result of their assessment of the city's ongoing financial resilience and responsible management of reserves. This reaffirms their confidence in Tacoma's ability to handle its finances effectively.

Mayor Victoria Woodards expressed her pride in receiving this rating upgrade and credited it to the city's dedication towards enhancing its operating performance. She also assured that the city will continue to make responsible policy decisions to ensure its ongoing fiscal strength.

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City Manager Elizabeth Pauli also acknowledged the efforts put in by the city staff in implementing sound budgetary controls and oversight. She further stated that they will continue to maintain their solid financial footing, reserves, and adhere to the city's financial policies.

The City of Tacoma's $105.7 million limited tax general obligation (LTGO) bonds ranging from 2009 through 2017 have been upgraded from 'AA' to 'AA+'. Additionally, its $620,000 convention center and parking revenue bonds remain at 'A+'. This further solidifies Fitch's confidence in Tacoma's financial stability.

This rating upgrade serves as a positive sign for the City of Tacoma and reflects its commitment towards responsible financial management. With this upgrade, Tacoma is well on its way towards achieving the highest possible rating of 'AAA'.

Filed Under: Government, City

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