Seattle Solid-Waste System Improvement Bond Rating Raised To 'AA+' On Strong Management

NEW YORK (S&P Global Ratings) Oct. 22, 2018--S&P Global Ratings has raised its long-term rating on Seattle, Wash.'s outstanding solid-waste system improvement and refunding bonds to 'AA+' from 'AA'. The outlook is stable. "The upgrade reflects a strong conservative management team, which has strived to keep solid-waste fees affordable while dealing with increasing contract costs and capital requirements," said S&P Global Ratings credit analyst Edward McGlade. The rising capital requirements reflect management's efforts to become more efficient at its solid-waste facilities, with one of two transfer stations completely rebuilt and construction on the other expected to start soon. Management has also indicated that it will be funding a larger part of the capital program from operations, thereby reducing future expected

...NEW YORK (S&P Global Ratings) Oct. 22, 2018--S&P Global Ratings has raised its long-term rating on Seattle, Wash.'s outstanding solid-waste system improvement and refunding bonds to '##+' from '##'. The outlook is stable. "The upgrade reflects a strong conservative management team, which has strived to keep solid-waste fees affordable while dealing with increasing contract costs and capital requirements," said S&P Global Ratings credit analyst Edward McGlade. The rising capital requirements reflect management's efforts to become more efficient at its solid-waste facilities, with one of two transfer stations completely rebuilt and construction on the other expected to start soon. Management has also indicated that it will be funding a larger part of the capital program from operations, thereby reducing future expected debt burden levels. The bonds are secured by a pledge of net revenue of the city's solid-waste system. Seattle is the largest city in the Pacific Northwest and the economic...

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