City of Camas Reaches Goal of AAA S&P Global Ratings for GO Bonds

The City of Camas’ long-term rating has reached AAA status from Standard and Poor’s (S&P) Global Ratings for previously issued general obligation (GO) bonds. In addition, S&P Global Ratings rated Camas AAA for long-term rating on the city’s estimated $15 million series 2023 limited-tax GO bonds.

The increased rating has been on the horizon for City officials who plan to use the series 2023 bond proceeds for capital investments, including developing parks, building and rehabilitating city buildings, and improving street infrastructure.

According to S&P Global Ratings credit analyst Chris Morgan, the rating action reflects their view that a long-term pattern of commercial and housing development will continue to buoy economic and revenue growth in Camas.

“We also see evidence that the city is focused on budgetary sustainability, including the recent adoption of a utility tax to moderate revenue fluctuations and an increase in its minimum reserve policy,” said Morgan.

City of Camas Finance Director, Cathy Huber Nickerson said the rating upgrade reflects what city officials already see in Camas, a strong economic base, strong institutionalized policies and practices overall, budgetary flexibility and liquidity, and a strong debt and contingent liability profile.

“This rating upgrade is very important to the City of Camas and staff has been working toward this goal for several years,” said City of Camas Finance Director Cathy Huber Nickerson. “The AAA puts Camas in a small group of cities with that rating reflecting its strong economy and management. The AAA is the highest rating offered by S&P, which tells the investors Camas bonds are considered the highest quality grade investment in the municipal bond market,” she said.   

In terms of Camas’ citizens, Huber Nickerson said the rating will save the Camas taxpayer money in terms of lower borrowing costs.