Standard&Poor's Ratings Services affirmed its 'AAA' rating on the City of Seattle, Wash.'s general obligation (GO) bonds. The outlook is stable. The rating reflects: A very deep and dynamic local and regional economy, with above-average income and wealth indicators; A very large and diverse property tax base; Exceptionally strong financial management, a balanced budget, and adequate reserve policies, despite a $72 million budget gap in fiscal 2010 that was balanced in part by tapping the city's "rainy day" reserve fund; and Moderate overall debt levels as well as excellent management of the city's longer-term capital improvement plan. The existing unlimited-tax GO bonds are secured by an unlimited ad valorem property tax pledge. The limited-tax GO (LTGO) bonds are
