Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to King County, Wash.'s $235.36 million sewer revenue and refunding bonds ("parity bonds," the senior lien), series 2011. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the county's outstanding parity bonds (senior lien), its 'AA-' SPUR on the county's outstanding junior-lien bonds, and its 'A-1+' short-term rating on the county's outstanding commercial paper (CP), which is secured by a lien subordinate to the county sewer system's junior-lien obligations. The outlook on all ratings is stable. The ratings reflect our view of: The county's role as the sole regional provider of wastewater treatment services; The county council's demonstrated ability and willingness to
