City of Puyallup’s Credit Rating Improves

The City of Puyallup is pleased to announce that Standard & Poor’s Rating Services (S&P) has raised the City’s credit rating from AA- to AA. The rating upgrade indicates S&P’s increasing confidence in the City’s strong capacity to meet its financial commitments. “We think the action by Standard & Poor’s to upgrade the City’s credit rating is directly related to the financial discipline the City has exhibited over the past several years” said City Manager Bill McDonald.

In its report, S&P commented that “Puyallup’s budgetary flexibility is very strong” and that “very strong liquidity supports Puyallup's finances”. It further stated that the stable outlook reflects S&P’s view of the City's strong economy and strong management. Puyallup's adequate budgetary performance combined with an adequate debt and contingent liabilities profile, also contributed to this rating upgrade.

“It’s nice to get this confirmation that the City is going in the right direction, thanks to the Council’s conservative policy changes and balancing actions over the last few years” said Finance Director Cliff Craig. 

The city requested the rating review as an initial step toward saving taxpayer dollars by refinancing existing debt. By taking advantage of lower interest rates and the improved credit rating, the city will save more than $700,000 over the next 13 years.