Summary: Seattle; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AAA' long-term rating to Seattle's series 2017A limited-tax general obligation (GO) improvement and refunding bonds, 2017B taxable limited-tax GO improvement bonds, and 2017 unlimited-tax GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's previously issued GO bonds and GO-equivalent obligations. The outlook is stable. The city's full faith and credit, including the obligation to levy ad valorem property taxes without limitation as to rate or amount, secure the city's unlimited-tax GO bonds. The city's limited-tax GO bonds are subject to statutory limitations that include a limit on annual property tax revenue growth without a voter override and a limit on the city's levy rate of $3.60

...S&P Global Ratings assigned its '###' long-term rating to Seattle's series 2017A limited-tax general obligation (GO) improvement and refunding bonds, 2017B taxable limited-tax GO improvement bonds, and 2017 unlimited-tax GO refunding bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's previously issued GO bonds and GO-equivalent obligations. The outlook is stable. The city's full faith and credit, including the obligation to levy ad valorem property taxes without limitation as to rate or amount, secure the city's unlimited-tax GO bonds. The city's limited-tax GO bonds are subject to statutory limitations that include a limit on annual property tax revenue growth without a voter override and a limit on the city's levy rate of $3.60 per $1,000 of assessed value (AV). The city's 2017 levy rate is $2.46. The GO-equivalent obligations have a contingent limited-tax GO pledge of the city; this pledge has been invoked for debt instruments representing $2.9...

Summary