...NEW YORK (S&P Global Ratings) Dec. 14, 2016--S&P Global Ratings has assigned its 'A+' long-term rating to Cowlitz County Fire Protection District No. 2, Wash.'s 2016 unlimited tax general obligation (GO) bonds. The outlook is stable. "We view the district's strong reserves and low debt as key credit strengths," said S&P Global Ratings credit analyst Michael Stock. The rating reflects our opinion of the district's: + Established, primarily residential tax base located on the Columbia River, adjacent to the Portland, Ore. metropolitan area; + Maintenance of strong reserve levels, on a cash basis, supported by a voter-approved bond levy, which will continue through at least fiscal 2036; and + Low debt levels on a market value basis. Partly offsetting these strengths, in our view, is the district's financial reporting on a cash basis of accounting, which we believe provides less transparency on the district's financial position than would be possible using generally accepted accounting principles....
