Standard & Poor's Ratings Services said it raised its rating to AA-plus from AA on DuPont, Wash.'s series 2009 Civic Center Project certificates of participation.
In addition, Standard & Poor's assigned its AA-plus long-term rating to the city's series 2015 limited tax general obligation refunding bonds. The outlook is stable.
"The upgrade is based upon our view of the city's financial management policies and practices, as well as its very strong budgetary performance," said Standard & Poor's credit analyst Cody Nelson.
The city, a master planned community, is 90% built out on the residential side but is growing the commercial portion (estimated 50% built out). The city's access to the broad and diverse metropolitan statistical area includes immediate access to the Port of Tacoma and Joint Base Lewis-McChord (JBLM).
The city estimates that approximately 30% to 40% of its family population is either employed or active duty at JBLM. In addition, due to the city's location along the interstate, Amazon.com recently announced the opening of a new fulfillment center, which they estimate should generate about 500 new jobs.
