...NEW YORK (Standard & Poor's) June 11, 2015--Standard & Poor's Ratings Services has assigned its '##' rating to Seattle, Wash.'s 2015A municipal light and power improvement revenue bonds, and its 2015B municipal light and power revenue bonds (SIFMA Index). The utility does business as Seattle City Light (SCL). At the same time, Standard & Poor's affirmed its underlying rating on parity debt. The outlook is stable. "We believe credit strengths include a low-cost hydro-based generation portfolio that can meet demand under most water conditions, a strong and diverse customer base, and competitive retail rates," said Standard & Poor's credit analyst Peter Murphy. In our view, offsetting factors include some reliance on wholesale sales, and what we view as a large capital improvement program that management expects will add about $1.42 billion of debt in the next six years. Seattle pledges the light system's gross revenues to pay debt service on the bonds, and expects bond proceeds will fund...
