...S&P Global Ratings assigned its '###' long-term rating to Seattle's expected $147.5 million series 2022A limited-tax general obligation (GO) improvement and refunding 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 2022A, 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. The city's 2022 operating levy rate is $2.17. Proceeds of the series 2022A will pay for a variety of capital projects, the largest of which are repairs to the bridge that connects the city's southwestern neighborhoods to its...
