Standard&Poor's Ratings Services revised its outlook to negative from stable on King County, Wash.'s existing debt due to our view of the county's projections of continued drawdowns of available funds to a level we only consider strong instead of very strong. At the same time, Standard&Poor's assigned its 'AAA' long-term rating to the county's series 2016A and 2016B limited-tax general obligation (GO) refunding bonds. In addition, Standard&Poor's affirmed its: 'AAA' long-term rating and underlying rating (SPUR) on the county's existing GO bonds; 'AA+' long-term rating and SPUR on the county's appropriation obligations; 'AAA' long-term rating on King County Housing Authority's bonds, which are backed by a contingent loan agreement with the county; and 'AAA/A-1+'
