July 28, 2011
King County Budget Director: “This is entirely a reflection on the federal government, not King County”
Dwight Dively responds to Moody’s statement of review in event federal government defaults on debt payments
King County Budget Director Dwight Dively today responded to a statement from Moody’s Investors Service regarding the credit of 162 Aaa-rated local governments across the nation, including King County:
“The statement today by Moody’s is entirely a reflection on the federal government, not King County.
“The notice singles out entities with Aaa credit scores, and identifies them for possible review if the federal government cannot come to a compromise to raise the debt ceiling.
“King County’s budget in our general fund is balanced, and our debt is well within acceptable limits, with responsible oversight and management.
“King County would fare well in a thoughtful review of our budget, as our general fund is stable and not dependent on federal funding. We enjoy the highest-possible credit ratings from all three major credit ratings agencies, and we believe they would likely be sustained in a review.”