News ReleaseApril 27, 2012

FOR IMMEDIATE RELEASE

ANACORTES – The Port of Anacortes received word yesterday that Moody's Investors Service has assigned an A1 rating to the Port of Anacortes’ Limited Tax General Obligation Bonds, 2012 in the amount of $5.1 million. The limited tax general obligation bonds are secured by the full faith and credit of the Port within the constitutional and statutory limitations of non-voter approved debt. Proceeds of the current offering will refund a portion of the Port’s Series 2003 general obligation bonds and Series 2003 revenue bonds.

The A1 Limited Tax General Obligation rating reflects the Port's stable economy and sizeable tax base size. The rating also reflects a relatively sound financial position, recent improvements in Port operations, and a moderate debt burden.

Among strengths listed for the Port was a sizable tax base for the current rating level, as well as moderate revenue raising ability and flexibility to raise its tax rate for debt service.

Port Director of Finance & Administration Chris S. Johnson was very pleased with the ratings, noting that not even the United States government can say they haven’t had any negative rating changes, especially in a poor economy.

About the Port of Anacortes

The Port of Anacortes was formed in 1926 to promote economic development for Anacortes and the surrounding area. The Port district is led by a board of five elected commissioners: Pat D. Mooney, Bill Short. Ray Niver Keith Rubin, and Bob Eberle. Public meetings are held the 1st and 3rd Thursdays of the month at 7:00 p.m. in the Commission Meeting Room of the Main Port Warehouse, 1st & Commercial Avenue, Anacortes, WA. For more information, visit www.portofanacortes.com or contact Julie Johnson Lindsey, Administrative Coordinator, julie@portofanacortes.com