Summary: Museum Development Authority of Seattle; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to the Museum Development Authority of Seattle's estimated $18.8 million series 2024 special obligation refunding bonds. The outlook is stable. The special obligation refunding bonds are a general obligation (GO) of the City of Seattle, in our view, and include its limited-tax GO pledge on a contingent basis. The city has pledged its full faith, credit, and resources, which under state law include the obligation to levy ad valorem property taxes within statutory limitations, to make timely loans to the authority to maintain compliance with a reserve requirement associated with a lease agreement between the authority and the Seattle Art Museum. The city may not terminate this obligation until the bonds are

...Most recent Historical information 2022 2021 2020 Very strong economy Projected per capita EBI as % of U.S. 201 Market value per capita ($) 401,913 Population 749,453 739,654 734,613 County unemployment rate (%) 2.9 Market value ($000s) 301,214,631 276,293,192 Ten largest taxpayers as % of taxable value 3.2 Strong budgetary performance Operating fund result as % of expenditures 12.2 11.2 (4.8) Total governmental funds result as % of expenditures 3.0 4.4 (5.9) Very strong budgetary flexibility Available reserves as % of operating expenditures 35.9 23.8 15.1 Total available reserves ($000s) 668,648 420,068 250,764 Very strong liquidity Total government cash as % of governmental funds expenditures 92 72 70 Total government cash as % of governmental funds debt service 2,486 1,793 1,659 Very strong management Financial management assessment Strong Very strong debt and long-term liabilities Debt service as % of governmental funds expenditures 3.7 4.0 4.2 Net direct debt as % of governmental funds...

Summary