Bellevue and Seattle are the only cities in Washington to still have an AAA bond rating, according to a recent statement from the Bellevue City Council.
Last week, both Moody’s and Standard and Poor’s assigned their highest ratings for Bellevue’s general obligation bonds. The city’s high bond rating allows it to borrow money at lower interest rates.
The City of Bellevue is now preparing to refund the bonds for the remodeling of City Hall, which may bring its average interest rate down from 5.2 percent to about 3.5 percent.
City officials expect the refunding to save the city more than $9 million over the remaining 30 years of the bond.
