The city of North Bend recently received a credit rating upgrade from Standard &Poor’s (S&P) Ratings Services. S&P raised the city’s long-term rating from an ‘A+’ to ‘AA-’ for the city’s water and sewer revenue bonds.

The “AA-” rating means that, in S&P’s opinion, the city of North Bend has a very strong capacity to meet financial commitments.

North Bend Mayor Ken Hearing thanked the City Council for their conservative fiscal policies and city staff for their strong leadership which resulted in the improved credit rating.

An organization’s credit rating is an indication of the financial health of the entity.

The ‘AA-’ rating is expected to provide favorable interest rates when the city needs to issue bonds in the future. The resulting lower interest rate translates into cost savings for North Bend’s utility customers.

S&P stated that the rating upgrade is based upon the city’s very strong water, sewer and stormwater systems, very strong enterprise and financial risk profile, strong service area economy, affordable utility rates, and good operational and financial management practices and policies.

The city of North Bend has a high rating of ‘AA’ for outstanding limited and unlimited tax general obligation bonds.

For additional information, contact Assistant City Administrator and Finance Director Dawn Masko at (425) 888-7630.