The City of Fife recently received a credit rating upgrade from S&P Global Ratings. As a result of a credit review for the city’s upcoming Limited Tax General Obligation bond sale, S&P raised Fife’s long-term rating to ‘AA+,’ with a stable outlook, from its previous rating of ‘AA’. At the same time, S&P assigned the ‘AA+’ bond rating to the upcoming bonds.
With this upgrade, the city joins the ranks of the highest-rated cities in Pierce County.
Fife plans to sell the tax-exempt Series 2018A and taxable Series 2018B bonds this week. The sale will generate approximately $9.8 million of funds to make improvements along Port of Tacoma Road and 66th Avenue East and improvements to Brookville Gardens Community Park.
“We are pleased that the rating agency recognizes the significant progress we have made over the past few years in building healthy reserves while maintaining prudent stewardship of the City’s services and assets,” City Manager Hyun Kim said.
The rating upgrade is expected to help the city obtain lower interest rates as the Fife issues bonds in 2018 and in the future. City administrators believe this improved financial position not only applies to the city’s ability to meet its long-term financial obligations, but also reflects its credit quality as a partner in economic development initiatives.