...CENTENNIAL (S&P Global Ratings) Aug. 28, 2017--S&P Global Ratings has assigned its '##' rating and stable outlook to Seattle's 2017C 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 '##' underlying rating on about $2.1 billion of SCL's 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 S&P Global Ratings credit analyst Doug Snider. In our view, offsetting factors include some reliance on wholesale sales, and what we view as a large, $2.4 billion capital improvement program covering 2017-2022, which management expects to issue about $1.6 billion of debt to fund. Seattle pledges the light system's gross revenues to pay debt service on the 2017C bonds, and expects that approximately $270...
