King County, WA Bond Outlook Revised To Negative On Continued Fund Drawdowns

SAN FRANCISCO (Standard&Poor's) Feb. 12, 2016--Standard&Poor's Ratings Services revised its outlook to negative from stable on King County, Wash.'s existing debt. At the same time, Standard&Poor's assigned its 'AAA' long-term rating to King County, Wash.'s series 2016A and 2016B limited-tax general obligation (GO) refunding bonds. In addition, Standard&Poor's affirmed its: 'AAA' long-term rating and underlying rating (SPUR) on the county's existing GO bonds; 'AA+' long-term rating and SPUR on the county's appropriation obligations; 'AAA' long-term rating on the King County Housing Authority's bonds, which are backed by a contingent loan agreement with the county; and 'AAA/A-1+' rating on certain county GO debt, with the short-term rating based on the State Street Bank&

...SAN FRANCISCO (Standard & Poor's) Feb. 12, 2016--Standard & Poor's Ratings Services revised its outlook to negative from stable on King County, Wash.'s existing debt. At the same time, Standard & Poor's assigned its '###' long-term rating to King County, Wash.'s series 2016A and 2016B limited-tax general obligation (GO) refunding bonds. In addition, Standard & Poor's affirmed its: + '###' long-term rating and underlying rating (SPUR) on the county's existing GO bonds; + '##+' long-term rating and SPUR on the county's appropriation obligations; + '###' long-term rating on the King County Housing Authority's bonds, which are backed by a contingent loan agreement with the county; and + '###/A-1+' rating on certain county GO debt, with the short-term rating based on the State Street Bank & Trust Co. short-term rating as liquidity provider. "The negative outlook reflects our view of the county's continued projected drawdown of available funds to a level we only consider strong instead of very...

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