Summary: King County, Washington; Water/Sewer

S&P Global Ratings assigned its 'AA' long-term rating to King County, Wash.'s $100 million series 2011 and $100 million of series 2012 junior-lien variable rate demand sewer revenue bonds (mandatory put bonds). The outlook is stable. The bonds are currently in an index rate mode and are direct purchase obligations with U.S. Bank N.A. (series 2011), and Wells Fargo Municipal Capital Strategies (series 2012) both of which are payable from sewer net revenue on a subordinate basis to the county's parity bonds. For more information on the county's parity-lien sewer revenue bonds and overall credit quality, please see our report published Oct. 23, 2018 on RatingsDirect. On Dec. 3, 2018, the sewer system intends to remarket the series 2011 and

...The stable outlook reflects our expectation that the sewer system's strong financial management practices, use of timely rate adjustments, and the economic stability of the Seattle metropolitan area will remain supportive of the system's very high credit quality....

Summary