S&P Global Ratings assigned its 'AA+' long-term rating to Seattle , Wash.'s anticipated $257.7 million series 2025 water system revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the city's outstanding water system parity debt. The outlook is stable. Proceeds from the series 2025 issuance will fund $77 million of upcoming water system capital needs and refund up to $244 million of outstanding bonds for interest rate savings. The bonds are secured by a pledge of net revenue of the city's water system. A rate covenant requires the system to generate debt service coverage of 1.25x, though withdrawals from a rate stabilization fund can be included in this calculation. Additionally, securing all parity bonds is
