North Bend's Bond Rating Upgraded

City Receives “A” Bond Rating

North Bend, WA – The City of North Bend has received an updated Bond Rating evaluation and analysis from Standard & Poor’s, a nationally recognized rating organization. Bond ratings help determine the amount of interest municipalities will pay when they issue bonds to raise capital. North Bend’s previous bond rating was an “A-” and was elevated to “A” on April 2, 2009. North Bend remains in the “Upper Medium” investment grade but has been elevated within that grade.

“We expect that this will result in cost savings to the taxpayer’s in the future” said North Bend Finance Director Elena Montgomery. “This is especially beneficial on long-term bond issues of 20 years or more”. North Bend Mayor Ken Hearing welcomed the news. “I love it when we can find a way to reduce the obligation on the taxpayers. I appreciate the hard work of the Finance Department which provides the backbone for this rating”.

The City hopes that the new bond rating will positively impact the upcoming issuance of the sewer ULID bonds scheduled for 2011 and lower the interest rate paid by ULID participants.