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: Good economy, which includes participation in the diverse Seattle-Tacoma area; Strong income levels and extremely strong market value per capita; Revenue flexibility, including the ability to increase its property tax levy by $3.0 million annually without the need for voter approval; and Good reserve levels, although several years of deficits have reduced reserves from previously strong levels. These strengths are partly offset, in our view, by the city's low general fund cash position. Puyallup's full faith and credit pledge to levy taxes on
