Citing “very strong management” as one of its credit characteristics, Standard & Poor’s Ratings Services upgraded Snohomish County’s limited tax general obligation rating to AA+, up from AA.

The independent credit rating company also listed a “very strong economy,” strong liquidity, budgetary flexibility, and strong budgetary performance as reasons for the upgrade.

“This is good news for Snohomish County, and it reaffirms our commitment to fiscal integrity,” said Snohomish County Executive John Lovick. “We worked hard to bring new executive directors on board with solid financial backgrounds and leadership experience, and this upgrade is a direct reflection of those efforts.”

S&P’s said the county’s financial practices are “well embedded, and likely sustainable.” It also emphasized the county’s “conservative revenue and expenditure assumptions in the budgeting process and frequent oversight of the budget-to-actual results during the year.”

Higher bond ratings allow the county to sell bonds at a lower cost, saving the county – taxpayers – considerable money in interest payments.