...June 17, 2021 CENTENNIAL (S&P Global Ratings) June 17, 2021--S&P Global Ratings assigned its '##' rating to Seattle's $264 million municipal light and power improvement and refunding revenue bonds, 2021A and its $101 million municipal light and power refunding revenue bonds, 2021B (SIFMA Index). 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. The 2021B bonds are being issued in variable-rate mode with a maximum interest rate of 12% The bonds have a mandatory tender feature, and in the event of a delayed remarketing will earn a stepped interest rate not to exceed the maximum interest rate. The '##' rating reflects SCL's ability to produce stable coverage and liquidity through various hydrological and economic conditions, especially considering recessionary pressures stemming from the COVID-19 pandemic. Concentration...
