Standard&Poor's Ratings Services assigned its 'AA+' rating to King County, Wash.'s $250 million sewer revenue bonds ("parity bonds," which is the senior lien), series 2009. At the same time, Standard&Poor's affirmed its 'AA+' rating and underlying rating (SPUR) on the county's outstanding parity bonds (senior lien) and its 'A-1+' short-term rating on the county's outstanding commercial paper (CP), which is secured by a lien subordinate to the county sewer system's junior-lien obligations. The ratings reflect our view of: County council's demonstrated political willingness to incrementally and regularly increase rates and connection charges to produce predictable financial results that frequently slightly outperform financial forecasts; The county's advantageous competitive position in its role as the sole regional provider
