S&P Global Ratings affirmed its 'AA+' long-term and underlying rating on King County, Wash.'s outstanding parity-lien sewer revenue bonds and its 'AA' rating on the county's junior-lien sewer revenue bonds. The outlook is stable. In addition to the above bonds, the county has parity-lien limited-tax general obligation bonds (LTGO) refunding bonds and multi-modal LTGO bonds payable from sewer net revenues as well. These bonds, however, benefit from a full faith and credit pledge of the county. At this time, the GO rating on the county remains the stronger pledge. We understand the county is in the process of issuing $148.3 million of series 2017A LTGO bonds to refund a portion of its series 2008 LTGO refunding bonds for debt service
