For those who love to brag about our beautiful city, we now have one more thing to tout – we have great credit!
Both Standard and Poor’s and Moody’s have given the City of Bellevue the highest of marks on the city’s general obligation bonds, AAA and Aa1, respectively. The marks are analogous to a credit rating for individuals or countries.
City Manager Steve Sarkozy said, “This is great news and yet another sign of our commitment to financial stewardship. It’s especially gratifying given the fact that other cities have had difficulty maintaining their top bond ratings due to the uncertainty over the housing market and overall economy.”
Jan Hawn, Bellevue’s Finance Director, said the two ratings position the city well in the bond marketplace.
In the analysis Standard and Poor’s noted the “vibrant and diverse” Puget Sound area economy and its above-average wealth and income levels. The survey also noted Bellevue’s low unemployment rate – 3.6% in 2006 – and its position as a major retail trade center with per capita retail sales at 173% of the national average.
The bond rating also noted the city’s robust downtown development. Just for information, “during 2007, 5.4 million square feet of office, retail, and multi-family units were under construction. In addition, there is roughly 7.6 million square feet of new development planned for the next few years.”
Keep up the great work.
