MOODY'S REVISES STATE OF WASHINGTON RATING OUTLOOK TO NEGATIVE FROM STABLE AND AFFIRMS Aa1 G.O. RATING AND Aa2 CERTIFICATES OF PARTICIPATION RATING ; Aa1 RATING AND NEGATIVE OUTLOOK ASSIGNED TO UPCOMING G.O. BOND SALES: VARIOUS PURPOSE G.O.SERIES 2012D AND REFUNDING SERIES R-2012C, AND MOTOR VEHICLE FUEL TAX G.O. BONDS SERIES 2012E AND REFUNDING SERIES R-2012D

Posted on: January 30, 2012, 11:44 am

NEW YORK, January 30, 2012 --Moody's Investors Service has revised the outlook on the State of Washington's general obligation bonds to negative from stable, and affirmed the Aa1 rating on the state's general obligation bonds ($17.5 billion outstanding) and the Aa2 rating on the state's certificates of participation ($903 million outstanding). Concurrently, Moody's has assigned Aa1 ratings to the following sales: $346.075 million Various Purpose General Obligation Bonds, Series 2012D; $699.075 million Various Purpose General Obligation Refunding Bonds, Series R-2012C; $188.595 million Motor Vehicle Fuel Tax General Obligation, Series 2012E; and $260.14 million Motor Vehicle Fuel Tax General Obligation Refunding bonds, Series R-2012D. The motor vehicle fuel tax bonds are general obligations of the state, secured also by state's excise taxes on motor vehicles. The Series R-2012C and R-2012D are scheduled for competitive sale on January 31, and the Series 2012D and 2012E bonds are scheduled for competitive sale on February 28. Proceeds of the various purpose general obligation bonds will be used to fund various statewide capital projects and the motor vehicle fuel tax general obligation bonds will be used for transportation related construction projects. Proceeds of the refunding bonds will be used to refund outstanding debt for present value savings...

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