Moody’s Investors Service announced a ratings upgrade from ‘A1’ to ‘Aa3’ on City of Tacoma’s $179.84 million in outstanding limited tax general obligation bonds.
This action follows the ratings agency’s recent review of methodology utilized in rating U.S. local government general obligation debt.
“This is great news for Tacoma,” says City Treasurer Teresa Sedmak.
“We’re pleased to receive this ratings upgrade,” adds Tacoma Finance Director Andy Cherullo, “and will continue to implement sound budgetary controls and oversight which will support the City’s sustained fiscal health.”
The upgrade makes the ratings on Tacoma’s LTGO bonds equivalent to the ratings on its $14.12 million unlimited tax general obligation (UTGO) bonds, which are also ‘Aa3’.