Summary: King County, Washington; CP; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AAA' long-term rating to King County, Wash.'s expected $97.4 million series 2022A limited-tax general obligation (GO) and refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the county's previously issued GO debt, some series of which have a concurrent pledge of the county's sewer utility or the King County Housing Authority (which we consider institutionally independent of the county), its 'AAA/A-1+' rating on the county's series 2019A and B obligations that include a standby bond purchase agreement with TD Bank N.A., and its 'A-1+' short-term rating on the county's commercial paper program. The outlook, where applicable, is stable. The county will have about $5.9 billion

...S&P Global Ratings assigned its '###' long-term rating to King County, Wash.'s expected $97.4 million series 2022A limited-tax general obligation (GO) and refunding bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating and underlying rating (SPUR) on the county's previously issued GO debt, some series of which have a concurrent pledge of the county's sewer utility or the King County Housing Authority (which we consider institutionally independent of the county), its '###/A-1+' rating on the county's series 2019A and B obligations that include a standby bond purchase agreement with TD Bank N.A., and its 'A-1+' short-term rating on the county's commercial paper program. The outlook, where applicable, is stable. The county will have about $5.9 billion in direct debt outstanding at the end of 2022, excluding planned but unissued debt. Inclusive of our adjustments for revenue-supported debt and GO debt we consider self-supporting, we calculate net direct governmental...

Summary