...July 9, 2020 CENTENNIAL (S&P Global Ratings) July 9, 2020--S&P Global Ratings assigned its '##' rating to Seattle's $203.95 million 2020 series A municipal light and power improvement revenue bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on Seattle's electric system revenue bonds outstanding. The utility does business as Seattle City Light (SCL). The outlook is stable. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities" criteria (published Sept. 27, 2018). "The '##' rating further reflects SCL's ability to produce stable coverage and liquidity through various hydrological and economic conditions, especially in light of recessionary pressures stemming from the COVID-19 pandemic," said S&P Global Ratings credit analyst Doug Snider. Concentration in hydroelectric generation, from both owned assets and power purchases, exposes the city to some surplus sales risks, although it budgets conservatively...
