South Whidbey Fire/EMS receives high bond rating grade

South Whidbey Fire/EMS can borrow money cheaply, thanks to a recent bond rating.

The district sought a grade from a rating agency as part of the process of issuing a bond to pay for construction costs for its new Bayview fire station. District officials presented financial details to S&P Global Ratings, and came back with good news for South Whidbey’s citizens.

“We are very pleased to receive a rating grade of ‘AA’ from S&P,” Chief Rusty Palmer said. “A rating grade in the AA range is considered high quality.”

An “AA” rating is the second highest rating on the S&P scale. This is the first time the district has pursued a public bond rating grade.

According to commissioner Kenon Simmons, the grade reflects the district is well-managed and has sound financial policies and practices.

“The higher the rating grade, the lower the interest cost,” Simmons said.

The bond rating grade was based on a number of factors: strong fund balances in the current expense fund, strength of local economy, growth in assessed value, updated financial management policy and experienced management.

More in News

Vanderwerfhorst
Level 3 sex offender moves to Langley

The Island County Sheriff’s Office is holding a meeting Monday to talk… Continue reading

Lines from crab pots snarl ferries

Ferries and crab pots don’t mix, state officials warn. The ferries on… Continue reading

Mysterious bag found | Island Scanner

The following items were selected from reports made to the Island County… Continue reading

Uninhabited house destroyed in blaze

Officials from Central Whidbey Island Fire and Rescue say they are unable… Continue reading

Freeland shopping center proposes to build sewage treatment facility

Owners of Freeland Plaza Shopping Center have submitted an application to replace… Continue reading

Dog rescued from bluff

Firefighters from South Whidbey Fire/EMS and Central Whidbey Island Fire and Rescue… Continue reading

Photo by Emily Gilbert/South Whidbey Record.
                                Samantha Ollis, of Langley, with her cows Duke, left, and Daisy, which she’s raised.
Menagerie at the fair

Kids in 4-H and their animals greeted visitors of the Whidbey Island… Continue reading

EMS seeking levy renewal

Extending EMS levy ‘vital to our hospital system’

Clinton ADA beach dedication set for July 21

Blue mats bring beach time for all abilities

Most Read