SAN FRANCISCO (S&P Global Ratings) April 16, 2020--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'AA+' rating on Seattle, Wash.'s existing drainage and wastewater system parity debt. At the same time, S&P Global Ratings assigned its 'AA+' long-term rating to the city's Water Infrastructure Finance and Innovation Act (WIFIA) loan. "The negative outlook reflects our assessment of the credit risk posed by the drainage and wastewater system's sizable capital needs and affordability challenges," said S&P Global Ratings credit analyst Chloe Weil. "If the effects of the pandemic extend considerably beyond the summer, we believe additional rate increases may be necessary to achieve structural balance and capital projects may need to be prioritized and phased appropriately
