NEW YORK (S&P Global Ratings) Sept. 1, 2016--S&P Global Ratings has assigned its 'AA' rating and stable outlook to Seattle's 2016C municipal light and power improvement refunding revenue bonds. The utility does business as Seattle City Light (SCL). At the same time, S&P Global Ratings affirmed its 'AA' underlying rating on about $2 billion of SCL's parity debt. The outlook is stable. "We believe credit strengths include a low-cost hydro-based generation portfolio, a strong and diverse customer base, and competitive retail rates," said S&P Global Ratings credit analyst Peter Murphy. In our view, offsetting factors include some reliance on wholesale sales, and what we view as a large, $2.3 billion capital improvement program covering 2016-2021, which management expects to issue
