...SAN FRANCISCO (S&P Global Ratings) May 19, 2017--S&P Global Ratings assigned its '##+' long-term rating to Seattle, Wash.'s series 2017 drainage and wastewater improvement and refunding revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' rating Seattle's existing drainage and wastewater system parity debt. The outlook on all ratings is stable. "The rating reflects our view of city's extremely strong enterprise risk profile and very strong financial risk profile," said S&P Global Ratings credit analyst Chloe Weil. The series 2017 bonds are being issued to provide $186 million in capital funding and to refund $57.9 million of the system's series 2006 bonds for debt service savings. The city of Seattle (population: 680,000) sits at the center of the large, diverse Puget Sound regional economy. The drainage and wastewater system is one of three enterprises operated by Seattle Public Utilities (SPU), a department of the city. SPU provides retail wastewater services to about...
