The markets are down, the financial sector is a shambles, and yet even facing an economic downturn and declining revenue projections, Washington state government bonds continue to enjoy one of the highest credit ratings in the nation, earning an AA+ score from Standard & Poors and an AA rating from Fitch. Meanwhile, King County announced today that both Standard & Poors and Fitch have renewed its coveted AAA rating, the highest score possible.
What that means for taxpayers is that it costs our government less to borrow money, at least a quarter point for every ratings step. And if you read the reports issued by these credit rating agencies, our high ratings are largely due to the sound financial management of the governor and the executive.
Dino Rossi says he wants to change the culture of Olympia. The question is, to what?