Moody's Investors Service said it has affirmed its Aa1 rating on King County, Wash.'s limited-tax general obligation bonds ahead of a sale next month.
The rating agency added in a report on Monday that it has also affirmed its Aaa rating on the county's unlimited-tax GO bonds. The outlook for both ratings is stable.
Moody's analysts said in the report ahead of the county's $39 million limited-tax GO sale, expected early next month, that the rating reflects the county's solid economic base, its "narrowed yet satisfactory financial position," and modest debt load.
"The stable outlook is based on Moody's expectation that the county will continue to manage its financial operations well as it recovers from challenges posed by the recession," the credit report said.
The money raised from selling the bonds will be used to refund outstanding lease revenue bonds issued in 2002, and the debt service is expected to come from rent from the Harborview Medical Center, which is managed by the University of Washington.
Moody's noted that the county's reserves are "somewhat narrow" for a Aaa-rated credit.
