Summary: Seattle; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AAA' long-term rating to Seattle's expected $147.5 million series 2021A limited-tax general obligation (GO) improvement and refunding bonds and $21.5 million series 2021B taxable limited-tax GO improvement bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's previously issued unlimited-tax and limited-tax GO bonds. 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, secures the city's unlimited-tax GO bonds. The city's limited-tax GO bonds, including the series 2021A and 2021B, are subject to statutory limitations that include a limit on annual property tax revenue growth without a voter override and a limit

...S&P Global Ratings assigned its '###' long-term rating to Seattle's expected $147.5 million series 2021A limited-tax general obligation (GO) improvement and refunding bonds and $21.5 million series 2021B taxable limited-tax GO improvement bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's previously issued unlimited-tax and limited-tax GO bonds. 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, secures the city's unlimited-tax GO bonds. The city's limited-tax GO bonds, including the series 2021A and 2021B, 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 2021 operating levy rate is $2.16. Proceeds of the series 2021A will pay for a variety of capital projects, the largest of which...

Summary