WOODLAND — Woodland city officials announced this week that Standard & Poor recently upgraded the city’s bond rating.
City officials announced the news Wednesday in a press release, after S&P revealed the results of a recent bond rating report, notching the city’s rating up from A to A+. While not the highest grade, the rating means the city is easily capable of meeting its financial commitments, though it remains slightly vulnerable to negative economic conditions.
In the release, Mari Ripp, the city’s clerk and treasurer, said the rating affirms a strong and flexible budgetary outlook for the city. Ripp also noted that the rating is uncommon for smaller municipalities across Washington.
The report cautioned that the rating could drop if the city continues to draw on its reserves to cover costs or fails to meet an “adequate” budgetary performance level. But for now, S&P found reserves are strong and the local economy remains diverse.
