Summary: King County, Washington; Joint Criteria; Water/Sewer

S&P Global Ratings assigned its 'AA+' long-term to King County, Wash.'s $134.5 million parity-lien sewer revenue bonds, series 2018 (Water Infrastructure Improvements for the Nation Act of 2016 [WIFIA] loan), issued for the county's wastewater treatment division's (WTD) Georgetown Wet Weather Treatment Station project. At the same time, S&P Global Ratings affirmed its: 'AA+' long-term rating and underlying rating (SPUR) on the county's $2.4 billion of existing parity-lien sewer revenue bonds, 'AA' SPUR on the county's $100 million junior-lien sewer revenue bonds, and 'AA+' long-term component of our 'AA+/A-1' dual rating on the county's $100 million series 2001AB junior-lien variable-rate demand sewer revenue bonds. The outlook, where applicable, is stable. S&P Global Ratings rates the parity-lien bonds and the WIFIA

...S&P Global Ratings assigned its '##+' long-term to King County, Wash.'s $134.5 million parity-lien sewer revenue bonds, series 2018 (Water Infrastructure Improvements for the Nation Act of 2016 [WIFIA] loan), issued for the county's wastewater treatment division's (WTD) Georgetown Wet Weather Treatment Station project. At the same time, S&P Global Ratings affirmed its: + '##+' long-term rating and underlying rating (SPUR) on the county's $2.4 billion of existing parity-lien sewer revenue bonds, + '##' SPUR on the county's $100 million junior-lien sewer revenue bonds, and + '##+' long-term component of our '##+/A-1' dual rating on the county's $100 million series 2001AB junior-lien variable-rate demand sewer revenue bonds. The outlook, where applicable, is stable. S&P Global Ratings rates the parity-lien bonds and the WIFIA loan the same because the U.S. Environmental Protection Agency (EPA), as WIFIA lender, under the loan agreement ranks pari passu in right of payment and right of security...

Summary