For the second time in two years, Standard & Poor’s raised the City of Snoqualmie S&P Global Rating for its water and sewer utility revenue bonds. In January 2017, the rating was raised from A to AA-, and in July 2018, Snoqualmie received an AA rating.
Standard & Poor’s based the City’s S&P Global Rating increase on “an extremely strong enterprise risk profile and a very strong financial risk profile.” The S&P Global Rating Summary cited the City of Snoqualmie’s combined utility system’s “good operational practices and policies focused on adequate water supply and treatment capacity to meet near-term demand,” along with its “good financial management practices and policies.”
“I am very pleased with the rating increase,” Snoqualmie Mayor Matt Larson, said in a press release. “A rating upgrade can improve the credit risk of a local government, which, combined with other factors, generally leads to lower interest rates for newly issued city utilities debt, ultimately saving our utility customers money.”
The rating summary and other financial information is posted on the City website at www.cityofsnoqualmie.org.