S&P Global Ratings assigned its ?AA? long-term rating to Puyallup , Wash.?s $23.0 million series 2025 limited-tax general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its ?AA? long-term rating on the city?s existing limited-tax GO bonds. The outlook is stable. The rating reflects the application of our " Methodology For Rating U.S. Governments ," published Sept. 9, 2024. The city's full faith and credit, including a direct pledge of ad valorem property taxes subject to a levy rate restriction and a property tax revenue growth restriction, secures the limited-tax GO debt outstanding. Given the fungibility of the city's resources and because pledged revenue is not measurably narrower or subject to disproportionate risks relative to its overall
