Summary: King County, Washington; CP

S&P Global Ratings assigned its 'A-1+' short-term rating to King County, Wash.'s commercial paper (CP) program. Notes issued under the CP program will be secured by a limited-tax general obligation pledge, with payments in practice payable from net revenue of the county's wastewater utility. Consistent with our "Methodology For Linking Long-Term And Short-Term Ratings" criteria, published April 7, 2017, on RatingsDirect, the short-term rating reflects our application of standard mapping of a 'AAA' long-term rating to an 'A-1+' short-term rating. This is based on view of the county's demonstrated market access in combination with the indentures and defined procedures for managing self-liquidity meeting our "Commercial Paper, VRDO, And Self-Liquidity" criteria, published July 3, 2007. The county intends to use the

...S&P Global Ratings assigned its 'A-1+' short-term rating to King County, Wash.'s commercial paper (CP) program. Notes issued under the CP program will be secured by a limited-tax general obligation pledge, with payments in practice payable from net revenue of the county's wastewater utility. Consistent with our "Methodology For Linking Long-Term And Short-Term Ratings" criteria, published April 7, 2017, on RatingsDirect, the short-term rating reflects our application of standard mapping of a '###' long-term rating to an 'A-1+' short-term rating. This is based on view of the county's demonstrated market access in combination with the indentures and defined procedures for managing self-liquidity meeting our "Commercial Paper, VRDO, And Self-Liquidity" criteria, published July 3, 2007. The county intends to use the program to provide flexibility in the timing of financing capital projects for its wastewater utility, which is a wholesale provider for 37 client utilities in and around Seattle....

Summary