Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Lynnwood, Wash.'s series 2015 utility system revenue bonds. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the utility system's parity obligations. The outlook is stable. The ratings reflect our view of the utility system's: Service area economy with good income levels that participates in the broad and diverse Seattle metropolitan area economy; Stable, primarily residential, and very diverse customer base; Ample water supply and sewage treatment capacity, with a long-term wholesale contract in place for water service; and Affordable service rates, coupled with a demonstrated willingness and ability to adjust rates to match operating needs. Partly offsetting the above strengths, in our
