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

S&P Global Ratings assigned its 'AAA/A-1+' dual rating to King County, Wash.'s $148.1 million 2019A and 2019B multimodal limited-tax general obligation (GO) refunding bonds (payable from sewer revenue). At the same time, S&P Global Ratings affirmed the following ratings: 'AAA' long-term rating and underlying rating (SPUR) on King County's existing general obligation (GO) bonds; 'AAA' long-term rating on the King County Housing Authority's existing bonds, which are backed by a contingent loan agreement and credit enhancement agreement with the county; 'AAA' long-term rating on certain county GO bonds that are also backed by a second lien on sewer revenue (for more information see our report published June 19, 2019 on RatingsDirect); and 'AAA' long-term rating on certain county lease revenue

...S&P Global Ratings assigned its '###/A-1+' dual rating to King County, Wash.'s $148.1 million 2019A and 2019B multimodal limited-tax general obligation (GO) refunding bonds (payable from sewer revenue). At the same time, S&P Global Ratings affirmed the following ratings: + '###' long-term rating and underlying rating (SPUR) on King County's existing general obligation (GO) bonds; + '###' long-term rating on the King County Housing Authority's existing bonds, which are backed by a contingent loan agreement and credit enhancement agreement with the county; + '###' long-term rating on certain county GO bonds that are also backed by a second lien on sewer revenue (for more information see our report published June 19, 2019 on RatingsDirect); and + '###' long-term rating on certain county lease revenue bonds. The outlook is stable. The county will have $1.5 billion in governmental debt outstanding at the end of 2019, inclusive of GO obligations such as the series 2019A and 2019B that have direct...

Summary