Standard&Poor's Ratings Services assigned its 'AA' rating to Puyallup, Wash.'s 2015 limited-tax general obligation (LTGO) refunding bonds. At the same time, we affirmed our 'AA' rating on the city's LTGO bonds and unlimited-tax general obligation (UTGO) bonds outstanding. 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 2008 bonds. The city's full faith and credit pledge and an unlimited ad valorem tax secure the UTGO bonds. The rating reflects our view of the city's: Strong economy, which benefits from participation in the diverse
