S&P Global Ratings assigned its 'AA' long-term rating to Puyallup, Wash.'s 2016 combined utility revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's existing combined utility revenue bonds. The ratings reflect, in our opinion, the combination of a very strong enterprise risk profile and an extremely strong financial risk profile. The outlook is stable. The enterprise risk profile reflects our view of the system's: Service area participation in the broad and diverse Seattle metropolitan statistical area; Stable and diverse customer base with strong income indicators; Moderate rates that have pre-approved annual automatic adjustments; and Good operational management practices and policies. The financial risk profile reflects our view
