Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to King County, Wash.'s 2015 series A sewer revenue refunding bonds, issued for the county's sewer system. The bonds are considered "parity bonds," or senior-lien obligations. 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. The outlook, where applicable, is stable. The ratings reflect our view of the county's: Demonstrated ability and willingness to incrementally and regularly increase rates
