Go to the politics section for more local and national politics coverage.
Moody's removes Seattle's "negative outlook" rating
Posted by Lynn Thompson
Moody's Investor Service Wednesday announced that it is removing its "negative outlook" for the City of Seattle, meaning the city likely won't lose its Aaa/Aa1 bond rating.
In August, Moody's placed the city on a watch list with 161 other highly rated local governments because of their potential exposure to the weakening credit rating of the federal government.
Mayor Mike McGinn's office announced the upgraded rating Wedneseday afternoon and said it demonstrates the city's "resilience" in the face of a prolonged recession and successive cuts to the city general fund budget.
"We are pleased with Moody's decision," McGinn said in a statement. "It underscores our belief that the local economy and the City's finances are fundamentally strong, diversified and well managed."
He noted that the practical effect of the upgrade will mean the city can borrow money at lower interest rates.
Covers the Eastside.
Covers politics and state government from Olympia.
Covers local government.
Covers politics and regional issues from Washington, D.C.
Covers Seattle City Hall.
Covers King County and urban affairs.