Standard&Poor's Ratings Services has affirmed the 'AAA' rating on the Pike Place Market Preservation and Development Authority, Wash.'s special obligation revenue refunding bonds, issued for Seattle. The outlook is stable. The rating is based on Seattle's unconditional obligation to the bonds. Pursuant to the parking agreement between the city and the authority, if the amount of funds in the Pike Place Market debt service account at the beginning of each month is less than the debt service requirement for the bonds, the city will restore the debt service account to the necessary level prior to the next debt service payment date. In addition, the city will restore the debt service reserve account to the reserve requirement level if
