SAN FRANCISCO (Standard&Poor's) Nov. 5, 2008--Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on Seattle, Wash.'s existing water system revenue bonds. At the same time, Standard&Poor's assigned its 'AA+' rating to the city's $100.245 million series 2008 water system revenue bonds. The outlook is stable. "The ratings reflect the recognition that, while financial margins are adequate, Seattle's water revenue bonds have very strong credit fundamentals, including the service area's deep and diverse economic base and strong financial management policies as well as well-thought-out debt service," said Standard&Poor's credit analyst Ian Carroll. Revenue performance has been aided by rate setting practices that include regular adjustments. In
