Moody’s Investors Service has assigned an A1 rating to the Port of Port Townsend, Washington’s $3.9 million Limited Tax General Obligation Refunding Bonds, 2015. The A1 rating reflects the investor service’s determination that the bonds are not at risk of being refunded.
“The A1 rating on the Port’s GOLT bonds reflects a large tax base that appears to be recovering from the recession, a somewhat weak competitive position given its relatively small scale but is nonetheless experiencing healthy demand for its services, structurally balanced financial operations, and manageable debt and pension liabilities.” – Moody’s Investors Service
Bond proceeds are used to refinance for savings some or all of the Port’s outstanding 2005 Limited Tax General Obligation Bonds. Moody’s last rated the bonds in 2010, at which time they were also given an A1 rating.