Standard&Poor's Ratings Services raised its rating to 'AA' from 'AA-' on Puyallup, Wash.'s outstanding limited-tax general obligation (LTGO) bonds and unlimited-tax general obligation (UTGO) bonds. At the same time, we assigned our 'AA' rating to the city's 2014 LTGO refunding bonds. The rating actions are based on our application of our local GO criteria published Sept. 12, 2013. The outlook is stable. Puyallup's full faith and credit pledge to levy taxes on property, subject to statutory limits on rates and growth, secures the LTGO bonds. We understand that the bond proceeds will be used to refund certain maturities of the city's series 2007A bonds. The city's full faith and credit pledge and an unlimited ad valorem tax secure
