TACOMA, Wash. – Fitch Ratings has upgraded its outlook for the City of Tacoma, from ‘AA’ to ‘AA+’, signaling its comfort that the City continues to be on a sustainable fiscal path. The City’s upgraded rating is just one notch below the highest rating possible which is ‘AAA’. The City of Tacoma’s upgraded rating is supported by Fitch’s assessment of its ongoing financial resilience and responsible management of reserves.
“The City of Tacoma has been dedicated to enhancing its operating performance,” said Mayor Victoria Woodards. “We’re proud to receive this rating upgrade, and remain committed to making responsible policy decisions that ensure the City’s ongoing fiscal strength.”
“Staff continues to proactively implement sound budgetary controls and oversight,” said City Manager Elizabeth Pauli. “We will continue to ensure that we sustain our solid financial footing, maintain our reserves and adhere to the City’s financial policies.”
The City’s $105.7 million limited tax general obligation (LTGO) bonds ranging from 2009 through 2017 have been upgraded from ‘AA’ to ‘AA+’ and its $620,000 convention center and parking revenue bonds remain at ‘A+’.
There may be plenty of gold (tax revenue) stashed in the ivory tower, but it’s a whole different story at street level in taComa.