Seattle; Retail Electric

S&P Global Ratings affirmed its 'AA' underlying and long-term ratings on Seattle's electric system revenue bonds outstanding. The utility does business as Seattle City Light (SCL). The outlook is stable. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities" criteria (published Sept. 27, 2018 on RatingsDirect). The 'AA' rating further reflects SCL's ability to produce stable coverage and liquidity through various hydrological and economic conditions. Concentration in hydroelectric generation, from both owned assets and power purchases, exposes the city to some surplus sales risks, though it budgets conservatively to minimize the potential effects of this variability. The maturity and diversity of the underlying service area and stable customer base contribute to credit stability, in our

...S&P Global Ratings affirmed its '##' underlying and long-term ratings on Seattle's electric system revenue bonds outstanding. The utility does business as Seattle City Light (SCL). The outlook is stable. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities" criteria (published Sept. 27, 2018 on RatingsDirect). The '##' rating further reflects SCL's ability to produce stable coverage and liquidity through various hydrological and economic conditions. Concentration in hydroelectric generation, from both owned assets and power purchases, exposes the city to some surplus sales risks, though it budgets conservatively to minimize the potential effects of this variability. The maturity and diversity of the underlying service area and stable customer base contribute to credit stability, in our view. The rating further reflects our view of the utility's very strong enterprise and financial risk profiles. The very strong enterprise risk profile reflects our...

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