Standard&Poor's Ratings Services has assigned its 'AA' rating and stable outlook to Seattle, Wash.'s 2016A municipal light and power improvement revenue bonds, and its 2016B municipal light and power refunding revenue bonds. The utility does business as Seattle City Light (SCL). At the same time, Standard&Poor's affirmed its 'AA' underlying rating on SCL's parity debt. The outlook is stable. We believe credit strengths include: A low-cost hydro-based generation portfolio that can meet demand under most water conditions, including less-than-normal water conditions; A strong and diverse customer base; and Competitive retail rates, despite significant increases in the past few years. In our view, offsetting factors include some reliance on wholesale sales, and what we view as a
