Summary: Lynnwood, Washington; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to Lynnwood, Wash.'s 2021 limited-tax general obligation (LTGO) bonds with an anticipated par amount of $51.1 million. At the same time, S&P Global Ratings affirmed its 'AA+' long-term and underlying rating on Lynnwood's outstanding LTGO bonds. The outlook is stable. The 2021 LTGO bonds are secured by the city's full faith and credit pledge, including the obligation to levy ad valorem taxes within statutory and constitutional limitations along with any other money legally available, including the city's criminal justice sales taxes. The rating is equal to our view of the city's general creditworthiness, as obligor, because the limitations do not narrow the tax base or limit the fungibility of property tax revenue

...S&P Global Ratings assigned its '##+' long-term rating to Lynnwood, Wash.'s 2021 limited-tax general obligation (LTGO) bonds with an anticipated par amount of $51.1 million. At the same time, S&P Global Ratings affirmed its '##+' long-term and underlying rating on Lynnwood's outstanding LTGO bonds. The outlook is stable. The 2021 LTGO bonds are secured by the city's full faith and credit pledge, including the obligation to levy ad valorem taxes within statutory and constitutional limitations along with any other money legally available, including the city's criminal justice sales taxes. The rating is equal to our view of the city's general creditworthiness, as obligor, because the limitations do not narrow the tax base or limit the fungibility of property tax revenue for different uses. Proceeds from the 2021 LTGO bonds will finance the city's community justice center project and other capital improvements....

Summary