SAN FRANCISCO (Standard&Poor's) Jan. 23, 2013--Standard&Poor's Ratings Services assigned its 'AA-' rating to Puyallup, Wash.'s limited-tax general obligation (LTGO) refunding bonds and unlimited-tax general obligation (UTGO) refunding bonds. The outlook is stable. "The rating reflects our view of the city's participation in the diverse Seattle-Tacoma area, strong to extremely strong income and wealth indicators, revenue-raising flexibility, and good reserve levels," said Standard&Poor's credit analyst Jen Hansen. Puyallup's full faith and credit pledge to levy taxes on property, subject to statutory limits on rates and growth, secures the LTGO bonds. We understand that LTGO bond proceeds will be used to refund certain maturities of the city's series 2007A bonds. The city's full faith and credit
