Standard&Poor's Ratings Services affirmed the 'AAA' rating on the Museum Development Authority (MDA) of Seattle, Wash.'s special obligation bonds. The rating is based on the City of Seattle's unconditional full faith and pledge with respect to the bonds. The MDA's pledge to the trustee of the trust estate bonds secures the bonds. Interest in the trust estate entails the MDA's right to receive lease payments from the Seattle Art Museum as well as any payments made by the city under the Guarantee Agreement. The rating on the bonds reflects the guarantee agreement between the authority and the city, whereby the city's obligation is its unconditional limited-tax general obligation (GO) pledge. The city's obligation is not subject to abatement
