Normandy Park, WA GO Rating Raised To 'AA' From 'AA-' On Stronger Reserves

SAN FRANCISCO (S&P Global Ratings) March 14, 2019--S&P Global Ratings raised 
its long-term rating to 'AA' from 'AA-' on Normandy Park, Wash.'s previously 
issued limited-tax general obligation bonds. The outlook is stable. 

"The rating action reflects our view of sustained strengthening in the city's 
reserves, aided in part by a multiyear voter-approved property tax increase," 
said S&P Global Ratings credit analyst Chris Morgan.

The stable outlook reflects our view that the city's medium-term financial 
picture is bright, partly as a result of strong AV growth that will allow the 
city to fully realize the property tax revenue adjustment flexibility that 
voters recently authorized.