...CENTENNIAL (S&P Global Ratings) May 24, 2018--S&P Global Ratings has assigned its '##' rating to Seattle's 2018 series A municipal light and power improvement bonds. The utility does business as Seattle City Light (SCL). At the same time, S&P Global Ratings affirmed its '##' underlying rating on about $2.3 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, including below-normal water levels," said S&P Global Ratings credit analyst Doug Snider. We believe other credit positive factors include: + A strong and diverse customer base; and + Competitive retail rates, despite significant increases in the past few years. In our view, offsetting factors include some reliance on wholesale sales; and what we view as a large, $2.5 billion capital improvement program covering 2018-2023, which management expects to issue about $1.5 billion of debt to fund. Seattle pledges...
