Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to King County, Wash.'s $75 million series 2014A and $105.5 million series 2014B sewer revenue bonds, which are considered "parity bonds," or senior obligations of the county's sewer system. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the county's previously issued parity bonds, its 'AA-' SPUR on the county's previously issued junior-lien bonds, and its 'A-1+' short-term rating on the county's previously issued commercial paper (CP), which is secured by a lien subordinate to the county sewer system's parity-lien obligations. We also affirmed our 'AAA/A-1+' rating on the county's previously issued series 2001A and 2001B variable-rate bonds, reflecting the application of
