Fitch also affirms the following ratings:
--$105 million outstanding unlimited tax bonds at 'AAA';
--$576 million outstanding limited tax bonds at 'AA+'.
The Rating Outlook is Stable.
The city's credit quality rests in its role as a regional economic and commercial center, its strong management practices, and low debt burden. Currently the Puget Sound region is experiencing its strongest economic conditions in several years, with city revenues benefiting commensurately. However, during the 2001-2003 weak period, Seattle demonstrated its financial ability to withstand economic volatility. The city's year-end financial cushion has been consistently sound, with the city responding effectively to preserve its financial strength when certain revenues dropped.
