...S&P Global Ratings assigned its '##+' long-term rating to King County, Wash.'s $226.9 million series 2021A sewer revenue refunding bonds, issued for the county's wastewater treatment division's (WTD). S&P Global Ratings also affirmed its various ratings, including its: + '##+' long-term rating on the county's parity lien sewer revenue bonds; and + '##' long-term rating and underlying rating (SPUR) on the county's junior-lien sewer revenue bonds. The outlook, where applicable, is stable. A rate covenant requires the system to generate debt service coverage (DSC) on parity bonds (senior-lien bonds) and parity lien obligations of at least 1.15x and on junior-lien and multimodal limited-tax general obligation (LTGO)/sewer bonds at 1.10x. The county can issue additional parity debt if projected net revenue provides at least 1.25x DSC. The bond ordinance provides that the county will pay into and maintain in the parity bond reserve account an amount that, together with other funds in the parity...
