Summary: Lynnwood, Washington; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to the City of Lynnwood, Wash.'s proposed $16.3 million limited-tax general obligation (LTGO) refunding bonds, 2023. The outlook is stable. The LTGO bonds are full faith and credit obligations of the city, including a direct pledge of ad valorem property taxes subject to a maximum levy rate and a property tax revenue growth restriction. Based on the application of our criteria, "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness," published Nov. 20, 2019, we rate Lynnwood's limited-tax pledge on par with the city's general creditworthiness. Ad valorem taxes are not levied on a narrower or distinctly different property tax base, and there are no limitations on the fungibility of resources

...Most recent Historical information 2021 2020 2019 Strong management Financial Management Assessment Good Adequate debt & long-term liabilities Debt service % of governmental fund expenditures 4.7 3.1 3.4 Net direct debt % of governmental fund revenue 112 98 36 34 Overall net debt % of market value 1.3 - - - Direct debt 10-year amortization (%) 46 49 51 47 Required pension contribution % of governmental fund expenditures 5.1 6.0 5.8 OPEB actual contribution % of governmental fund expenditures 0.8 0.8 0.8 Adequate institutional framework EBI--Effective buying income. OPEB--Other postemployment benefits. Data points and ratios may reflect analytical adjustments....

Summary