Snohomish County, Wash. –Standard & Poor's (S&P) Global Ratings recently determined that Community Transit maintains the AAA credit rating that it has held since 2017, the highest rating available to public agencies. The Snohomish County transit agency is in the midst of its greatest expansion of service, having launched Swift Green Line between Bothell and Boeing/Paine Field earlier this year.
Favorable credit ratings allow Community Transit and similar public agencies the ability to borrow money for public projects at a low rate of interest, which saves the public money.
“Community Transit is one of a select few public agencies in Washington state with a AAA credit rating,” said Community Transit CEO Emmett Heath. “The rating is recognition of our commitment to being a good steward of public funds.”
S&P reports that Community Transit will maintain a stable financial outlook because of a very low debt burden and reliable sources of revenue.
Community Transit is responsible for providing bus and paratransit service, vanpool and alternative commute options in Snohomish County. The agency is building a network of Swift bus rapid transit lines with Swift Blue Line along Highway 99, the Swift Green Line between Canyon Park/Bothell and Boeing/Paine Field, and the new Swift Orange Line coming to Mill Creek and Lynnwood in 2024.