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

S&P Global Ratings assigned its 'AAA' long-term rating to King County, Wash.'s $51 million series 2021A limited-tax general obligation (GO) 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), and its 'AAA/A-1+' rating on the county's series 2019B obligations that include a standby bond purchase agreement with TD Bank N.A. The outlook is stable. The county will have about $4.6 billion in direct debt outstanding at the end of 2021, and after our adjustments for revenue-supported debt and

...S&P Global Ratings assigned its '###' long-term rating to King County, Wash.'s $51 million series 2021A limited-tax general obligation (GO) 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), and its '###/A-1+' rating on the county's series 2019B obligations that include a standby bond purchase agreement with TD Bank N.A. The outlook is stable. The county will have about $4.6 billion in direct debt outstanding at the end of 2021, 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 $1.1 billion. Proceeds of the series 2021A will fund improvements to the county's solid waste enterprise facilities, open space land acquisitions,...

Summary