The nation's leading bond rating agencies have reaffirmed Bellevue's solid financial stewardship by assigning the city their top ratings. Standard and Poor's and Moody's last week gave Bellevue AAA and Aaa ratings, respectively.
These ratings -- the highest available to an organization -- are the result of a thorough evaluation of the city's credit worthiness. They send a signal to potential buyers of bonds issued by the city about the level of risk related to their investment. As a result, the city will pay lower interest rates on money it borrows for important capital projects.
"That Bellevue continues to receive the highest rating available is a tribute to the fiscal stewardship exercised by everyone in the organization," said Jan Hawn, the city's finance director. "City staff made sure we lived within our means the last few years as we wrestled with the economic downturn.
"As a result, Bellevue is now in a great position to finance some of our major capital projects, such as work related to the East Link light rail line, using long-term debt issued at historically low rates."
Similar to purchasing a home or a car when interest rates are low, the city will save money by issuing long-term debt at the current low interest rates.
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