...May 18, 2021 SAN FRANCISCO (S&P Global Ratings) May 18, 2021--S&P Global Ratings assigned its '##+' long-term rating to Seattle, Wash.'s series 2021 water system improvement and refunding revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the city's existing water system parity debt. The outlook is stable. "The rating reflects our assessment of Seattle Public Utilities' proposed six-year rate plan, which we believe sets a credible trajectory for the water system's future financial performance," said S&P Global Ratings credit analyst Chloe Weil. "Our assessment of the water system's debt also reflects our view of its recent and projected all-in coverage, its healthy unrestricted cash and investments, and the overall economic considerations of the customer base," Ms. Weil added. The pandemic has had a relatively modest effect on utility operating margins to date. With many jobs able to happen remotely and the city's largest employer, Amazon, surging on robust...
