Heading in a better direction than in the past, three sets of city of Tacoma bonds have seen their outlook revised by the financial information company Fitch Ratings.
Fitch has declared that the outlook for the bonds has gone from “Negative” to “Stable.”
The bonds include:
• $21.8 million in unlimited tax general obligation bonds are stable with the rating “A+.”
• $185.2 million limited tax general obligation bonds are stable at “A.”
• $28.1 million convention center and parking revenue bonds are stable at “A+.”
Fitch upgraded its negative outlook because of several factors, according to a statement issued Wednesday. The company cited, among other factors, a change in the financial management team at the city and a balanced budget for 2013-2014.
The company also cited “long-term challenges,” including “sluggish revenue growth and ongoing cost pressures, particularly for salary and benefit items.”Reacting to the positive change in outlook, Tacoma Mayor Marilyn Strickland said in a news release, “We’re encouraged by this news. The City of Tacoma will continue to work hard to ensure that it stays on this healthier financial path.”email@example.com