S&P Global Ratings assigned its 'AA+' long-term rating to King County, Wash.'s anticipated $300 million 2024 series A sewer revenue and refunding bonds, issued for the county's wastewater treatment division (WTD). The outlook is stable. A portion of the bond proceeds is being issued to provide funds for acquiring and constructing improvements to the county's WTD. In addition, depending on market conditions, the bond proceeds will also refund certain outstanding bonds (potentially the series 2014B bonds) and, depending on the results of the county tender offer, purchase additional outstanding bonds payable from sewer system revenue. The series 2024A bonds are secured by a senior lien on the net revenues of the sewer system. A rate covenant requires the system to
