Bellevue received an AA+ rating from Standard & Poor’s Global Ratings, the second highest rating possible, on a refunding of general obligation bonds.
S&P cited Bellevue’s strong economy, strong management and financial policies, budget surpluses and flexibility as rationale for the rating.
Finance Director Rich Severson said the rating means investors would view Bellevue’s debt as a reliable investment.
S&P also affirmed an AA+ rating on public safety bonds, and in its report said it did not expect to change Bellevue’s rating over the next two years because city officials would “manage its budget and maintain its very strong budgetary flexibility and liquidity.”
In the report, S&P noted additional debt burden could lead to a lower rating and it specifically noted the city would assume the debt of sanitary improvement districts when annexed. The city’s property tax base and revenue would also increase under the annexations.
The only notation S&P made that would lead it to assign a higher rating would be if the city’s “wealth and income indicators were to increase to levels commensurate with its higher-rated peers.”