Standard&Poor's Ratings Services has assigned its 'AA' rating to Puyallup, Wash.'s pro forma $5.1 million series 2013 combined utility revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AA' underlying rating on Puyallup's combined utility revenue bonds outstanding. The outlook is stable. The bonds are being issued to refund series 2004 bonds in their entirety. The ratings reflect our view of the combined utility's: Primarily residential economic base within the Seattle-Tacoma region, along with strong wealth and income levels; Strong financial metrics, which we expect to continue, including debt service coverage (DSC) and liquidity, though cash will be used for capital purposes but still remain strong; Adoption of a multiyear rate plan; and No additional
