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December 7, 2011 at 5:57 PM

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.

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Was there a point where cities didn't borrow money, regardless of whether the interest rate was high or low? I'd like to know, because...  Posted on December 7, 2011 at 8:50 PM by what hits. Jump to comment

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