Snohomish County, Wash. – Standard & Poor’s (S&P) Global Ratings recently revised Community Transit’s credit rating to AAA with a stable outlook. Community Transit has held the AAA credit rating since 2017, the highest rating available to public agencies.
The stable outlook was upgraded from negative to stable based on diligent budget management by Community Transit during the COVID-19 pandemic, and the resilience of the local sales tax. Sales tax funds approximately 67% of the agency’s operating budget.
The previous indication of a negative outlook was typical for agencies like Community Transit, due to the pandemic and the predicted economic downturn. Sales tax revenues in Snohomish County have been stronger than expected in recent months.
Favorable credit ratings allow Community Transit and similar public agencies to borrow money for public projects at a low rate of interest, which saves the public money.
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.