S&P Global Ratings assigned its 'AA+' long-term rating to Seattle , Wash.'s anticipated $157.1 million series 2025 drainage and wastewater system improvement and refunding revenue bonds. Seattle Public Utilities (SPU) is the city's utility system. At the same time, S&P Global Ratings affirmed its 'AA+' rating on Seattle's outstanding drainage and wastewater system parity debt. The outlook is stable. Proceeds will be used to fund $66 million of upcoming drainage and wastewater system capital needs and to refund certain existing bonds. We consider the bond provisions to be standard. The series 2025 bonds are secured by a pledge of net revenues of the city's drainage and wastewater system. In addition, securing all parity bonds is a reserve funded at the
