Summary: King County Housing Authority, Washington King County; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AAA' long-term rating to King County Housing Authority (KCHA), Wash.'s 2016 revenue bonds, based on a contingent loan agreement with King County backed by the county's full faith and credit pledge. At the same time, S&P Global Ratings affirmed its: 'AAA' long-term rating on KCHA's existing bonds, which are backed by a contingent loan agreement with the county; 'AAA' long-term rating and underlying rating (SPUR) on King County's existing GO bonds; 'AA+' long-term rating and SPUR on the county's appropriation obligations; and 'AAA/A-1+' rating on certain county GO debt, with the short-term rating based on the State Street Bank&Trust Co. short-term rating as liquidity provider. The outlook on all ratings is negative, based

...S&P Global Ratings assigned its '###' long-term rating to King County Housing Authority (KCHA), Wash.'s 2016 revenue bonds, based on a contingent loan agreement with King County backed by the county's full faith and credit pledge. At the same time, S&P Global Ratings affirmed its: + '###' long-term rating on KCHA's existing bonds, which are backed by a contingent loan agreement with the county; + '###' long-term rating and underlying rating (SPUR) on King County's existing GO bonds; + '##+' long-term rating and SPUR on the county's appropriation obligations; and + '###/A-1+' rating on certain county GO debt, with the short-term rating based on the State Street Bank & Trust Co. short-term rating as liquidity provider. The outlook on all ratings is negative, based on our view of the county's projections of continued drawdowns of available funds to a level we only consider strong instead of very strong. The 2016 revenue bonds, along with certain existing bonds, are secured general revenues...

Summary