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House Needle LLC
King County, Washington, had its triple-A bond rankings affirmed forward of plans to promote $422.2 million of restricted tax normal obligation bonds competitively on Wednesday.
The bonds will likely be auctioned in two tranches: $234.17 million of Collection B fixed-rate tax exempt LTGO and refunding bonds at 7:45 a.m., Pacific time, and $118.035 million of Collection C taxable LTGOs at 8:15 a.m., Pacific time.
The proceeds will fund land acquisitions, strong waste division capital enhancements and different initiatives. If market situations are favorable, proceeds may also be used to refund 2025 Collection A-E and 2016 Collection A LTGOs, concentrating on maturities with 4% and 5% coupons, in line with providing paperwork.
Piper Sandler is the municipal advisor. Pacifica Legislation Group is bond and disclosure counsel.
Moody’s Rankings assigned its Aaa score and each S&P Rankings and Fitch Rankings assigned AAA rankings to the proposed bonds and affirmed the rankings on the $1.63 billion in excellent in LTGOs and limitless GOs and $3.3 billion in excellent income bonds, as of Dec. 31, 2024, in line with monetary statements.
All affirmed steady outlooks.
The two,100-square-foot county consists of Seattle and Bellevue and encompasses a big phase of the Puget Sound area. Almost one-third of the state’s inhabitants, 2.4 million residents, resides in King County, in line with the providing paperwork.
“We view the county as having well-above common financial metrics which can be among the many highest within the nation with earnings ranges nicely above the nationwide common, strong administration insurance policies and practices reflecting lively responses to efficient budgetary changes, upkeep of accessible reserves at a minimal of 25% of income lately, and a usually constructive pattern of economic efficiency regardless of latest budgetary challenges stemming from rising working prices,” S&P analysts mentioned in a Nov. 7 report.
Moody’s cited King County’s strong underlying financial fundamentals and a strong economic system together with the town of Seattle, which is supported by giant market-leading companies in expertise, aviation, retail and client items.
The county’s giant wealth tax base declined 5% in 2024 however rebounded to an assessed worth of $873 billion in 2025, Moody’s mentioned in a Nov. 14 credit score evaluation.
The county’s financial power and extremely educated inhabitants have been cited by Moody’s within the steady outlook as was administration’s confirmed means to make changes and preserve reserves at ranges compliant with its fund stability coverage.
A notable pattern is wage will increase for county workers pushed by inflation and a decent labor market, Fitch analysts wrote.
Although the county is predicted to attract on its fund stability, it is also anticipating having the ability to preserve a fund stability at or close to 15% of spending, Fitch mentioned.
Software program improvement and plane manufacturing are the regional strengths and a few of the nation’s most well-known firms together with Amazon, Boeing and Microsoft have headquarters or main working bases within the Seattle metropolitan space, in line with the providing doc.
King County’s unemployment price was 4.3% in August, beneath the state’s 4.5% price and the nation’s 4.6% price, in line with the newest figures from the Washington Employment Safety Division.
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