Washington Bonds (Washington Municipal Bonds)

By: EconomyWatch Content   Date: 3 November 2009

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Washington bonds are issued by various agencies in the state to fund the state’s development plans. The ratings agency, Moody’s Investors Service, assigned its Aa1 rating on the state’s following general obligation bonds on October 9, 2009.

  • $229.97 million Various Purpose General Obligation Bonds Series 2010C

  • $417.925 million Various Purpose General Obligation Refunding Bonds Series R-2010B

  • $227.76 million Motor Vehicle Fuel Tax General Obligation Refunding Bonds Series R-2010C

  • $504.2 million Motor Vehicle Fuel Tax General Obligation Bonds Series 2010 D

Proceeds from these bonds would be used to:

  • Fund various projects across the state

  • Refund outstanding bonds for net present value savings

  • Fund transportation projects

Additionally, the ratings agency reaffirmed its rating on the following Washington municipal bonds:

  • Aa1 rating on about 14.1 billion outstanding General Obligation Bonds

  • Aa2 rating on roughly $799 million in outstanding certificates

Ratings of Washington bonds benefited from the state’s:

  • Conservative budgetary controls

  • Improved financial flexibility

  • Strong demographic trends

  • Maintenance of strong liquidity levels 

Washington Bonds: Popular Bonds

Some of the popular Washington bonds are:

  • Washington State Housing Finance Commission bonds: These refunding and revenue bonds, series 2007A issued for the Wesley Homes Project, received BBB- rating and a Stable rating outlook from Fitch Ratings in July 2009. The ratings were reflective of impressive historical occupancy in independent living units (ILUs), assisted living units (ALUs) and skilled nursing facilities (SNF). Wesley Homes' consistent debt service coverage and profitable core operations are also reflected in the ratings.

  • Washington Economic Development Finance Authority bonds: The tax-exempt variable rate demand economic development revenue bonds series 2003F, 2008F, 2008E and 2003E were downgraded by Fitch Ratings from A to A-. The downgrade of these bonds, letters of credit for which were issued by KeyBank NA, was the result of the downgrade of KeyBank NA's long-term Issuer Default Rating (IDR) to A-.

  • Washington Health Care Facilities Authority bonds: Issued by the state’s Health Care Facilities Authority, these bonds are used to collect funds for the construction or acquisition of healthcare facilities. They can also be used for healthcare facilities operated by local government or private nonprofit entities.


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