Seattle, WA $95 Million Drainage And Wastewater System Revenue Bonds Rated 'AA+'

SAN FRANCISCO (S&P Global Ratings) May 9, 2023--S&P Global Ratings assigned its 'AA+' long-term rating to Seattle, Wash.'s anticipated $95.2 million series 2023 drainage and wastewater system improvement and refunding revenue bonds. Seattle Public Utilities (SPU) is the city's utility system. At the same time, S&P Global Ratings affirmed its 'AA+' rating on Seattle's outstanding drainage and wastewater system parity debt. The outlook is stable. "The rating reflects our anticipation that even with the utility system's additional planned debt during the next five years layered in, its financial capacity will not diminish to the point that metrics would become inconsistent with the current rating," said S&P Global Ratings credit analyst Chloe Weil. The series 2023 bonds are secured by a pledge of

...May 9, 2023 SAN FRANCISCO (S&P Global Ratings) May 9, 2023--S&P Global Ratings assigned its '##+' long-term rating to Seattle, Wash.'s anticipated $95.2 million series 2023 drainage and wastewater system improvement and refunding revenue bonds. Seattle Public Utilities (SPU) is the city's utility system. At the same time, S&P Global Ratings affirmed its '##+' rating on Seattle's outstanding drainage and wastewater system parity debt. The outlook is stable. "The rating reflects our anticipation that even with the utility system's additional planned debt during the next five years layered in, its financial capacity will not diminish to the point that metrics would become inconsistent with the current rating," said S&P Global Ratings credit analyst Chloe Weil. The series 2023 bonds are secured by a pledge of net revenues of the city's drainage and wastewater system. Proceeds will be used to fund $107 million of upcoming drainage and wastewater system capital needs. We think Seattle's direct...

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