King County's AAA bond rating was recently renewed despite the world financial crisis.

"These ratings validate the quality of my balanced 2009 budget proposal and the six-month lifeboat we created using reserves to continue critical services while seeking state help," said King County Executive Ron Sims. "The council's history of supporting conservative fiscal policies and our healthy reserves are also cited as elements for maintaining the AAA rating."

Two national credit rating agencies have given their highest short-term bond ratings for King County and reaffirmed the county's exemplary ratings on all previously issued long term bonds, including each agency's highest AAA rating for certain long term bonds. The high ratings were renewed despite stepped-up scrutiny by rating agencies because of the worldwide credit crisis.

Standard & Poor's cited King County Executive Ron Sims' proposed 2009 Budget and his handling of the projected $93.4 million deficit as a major factor in the high ratings: "Management's development of a detailed multi-tiered proposal to address an anticipated budget gap for fiscal 2009 enhances our confidence in the county's ability to continue to meet all of its obligations as well as its ability to meet its financial reserve policy targets."