Summary: King County, Washington; Joint Criteria

Standard&Poor's Ratings Services lowered its short-term rating component on King County, Wash.'s series 2001A and 2001B junior-lien variable-rate demand sewer revenue bonds to 'AAA/A-1' from 'AAA/A-1+'. This action reflects new enhancements in the form of letters of credit (LOCs) from Landesbank Hessen-Thuringen Girozentrale (Helaba), acting through its New York branch, replacing prior LOCs from Helaba that carried grandfathered debt ratings (see below). The long-term component of the rating reflects our assessment of the long-term rating on, as well as the joint support provided by, Helaba, the LOC provider, and the county, the obligor, assuming a low correlation. The short-term component of the rating reflects our assessment of the short-term rating on Helaba. Each LOC includes 52 days' interest

...component of the rating on the series 2001A and 2001B bonds was supported by the grandfathered statutory guarantees of its owners, the German states of Hesse and Thuringia. In addition to the criteria specific to this type of security (listed above), the following criteria articles, which are generally applicable to all ratings, may have affected this rating action "Post-Default Ratings Methodology: When Does Standard & Poor's Raise A Rating From 'D' Or '##'?," March 23, 2015; "Global Framework For Assessing Operational Risk In Structured Finance Transactions," Oct. 9, 2014; "Methodology: Timeliness of Payments: Grace Periods, Guarantees, And Use of 'D' And '##' Ratings," Oct. 24, 2013; "Counterparty Risk Framework Methodology And Assumptions," June 25, 2013; "Criteria For Assigning '###+', '###', '###-', And '##' Ratings," Oct. 1, 2012; "Credit Stability Criteria," May 3, 2010; and "Use of CreditWatch And Outlooks," Sept. 14, 2009....

Summary