Jefferson County Fire Protection District No.1 (East Jefferson Fire Rescue), WA GO Bond Rating Raised To #AA-# From #A+#

Stocks and Financial Services Press Releases Tuesday March 20, 2018 09:37
SAN FRANCISCO--20 Mar--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) March 19, 2018--S&P Global Ratings raised its long-term rating to 'AA-' from 'A+' on Jefferson County Fire Protection District No. 1 (East Jefferson Fire Rescue), Wash.'s limited-tax general obligation (LTGO) debt. The outlook is stable.

"The rating action reflects our view of the district's significantly increasing available reserves, with no plans to by management to spend them down and a growing local economic base," said S&P Global Ratings credit analyst Cody Nelson.

The 79-square-mile district in the Olympic peninsula serves the eastern portion of Jefferson County that includes the Port of Townsend and unincorporated communities in the east county. Altogether, the district serves a relatively stable population of about 20,500. We note that the district's tax base does not include the Port of Townsend; however, an upcoming ballot measure proposes an annexation of the city into the fire district.

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