S&P Global Ratings assigned its 'AAA' long-term rating to King County, Wash.'s $13 million series 2019C limited-tax general obligation (GO) refunding bonds. The outlook is stable. The county has about $4.8 billion in direct debt outstanding, and after our adjustments for revenue-supported debt and GO debt we consider self-supporting we calculate the county's net direct governmental debt at a mere 15% of this total. The county plans to issue another approximately $350 million in the next two years, but we don't expect the county's direct debt ratios to change materially, as the county is slated to amortize a slightly larger amount of its existing debt. The 'AAA' long-term rating on the series 2019 reflects our view of the county's full
