02/22/2017: "SJC Bond Rating Upgraded"
San Juan County Treasurer Rhonda Pederson was notified last week of an upgrade in the County’s bond rating, from Aa3 to Aa2.
The upgrade followed an announcement in December that Moody’s Investors Service would be eliminating the distinction between ratings for non-voted Limited Tax General Obligations (LTGO) and voted Unlimited Tax General Obligation (UTGO) bonds.
Since the distinction between the two types of debt is more a function of state law than credit-worthiness, the distinction between them caused a ratings bias against some states ��" primarily Washington, Oregon, and Michigan. As a result of Moody’s review, San Juan County’s bond rating was upgraded from Aa3 to Aa2.
In October 2016, the County’s favorable bond rating ��" even at Aa3 ��" enabled the County to refund various 2006 bonds and the 2009 Orcas Landing LOCAL (a state loan program) agreement. The refunding reduced the County’s total amount of debt and saved the county just over one million dollars over the life of the debt.
For more information about the bond rating, or other questions about County debt, contact Treasurer Rhonda Pederson at (360) 378-2171.