Seattle; Retail Electric

S&P Global Ratings assigned its 'AA' rating to Seattle's $203.99 million 2020 series A municipal light and power improvement revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on Seattle's electric system revenue bonds outstanding. The utility does business as Seattle City Light (SCL). The outlook is stable. Seattle pledges the light system's net revenues to the bonds. The city will use bond proceeds to finance capital improvements and conservation programs for the system, fund a reserve fund, and pay the costs of issuance. Later in the year, the city plans to defease $100 million of high-coupon debt outstanding with operating cash that was previously identified to be used for capital

...S&P Global Ratings assigned its '##' rating to Seattle's $203.99 million 2020 series A municipal light and power improvement revenue bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on Seattle's electric system revenue bonds outstanding. The utility does business as Seattle City Light (SCL). The outlook is stable. Seattle pledges the light system's net revenues to the bonds. The city will use bond proceeds to finance capital improvements and conservation programs for the system, fund a reserve fund, and pay the costs of issuance. Later in the year, the city plans to defease $100 million of high-coupon debt outstanding with operating cash that was previously identified to be used for capital purposes. This reduction in capital funding will be offset by bond proceeds....

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