S&P Global Ratings affirmed its 'AA' long-term rating on the Housing Authority of King County (KCHA). At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the authority and its existing debt, respectively. The outlook is stable. The bonds will be special obligations of the authority, the general revenues of the authority, and any available funds under the trust estate. While the authority's pledge is limited to its general revenues, we equate this pledge to its ICR based on debt covenants which support creditor security at the senior debt level, and the assumption that the pledge will not be materially different from the authority's available revenues according to our ICR analysis. KCHA is an independent municipal corporation
