S&P Global Ratings assigned its 'AA' rating to Seattle's $310.74 million municipal light and power improvement and refunding revenue bonds, series 2022. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on Seattle's electric system revenue bonds outstanding. The utility does business as Seattle City Light (SCL). The outlook is stable. Seattle pledges the light system's net revenue to the bonds. The city will use approximately $229 million of series 2022 bond proceeds to finance various capital improvements and $103 million to currently refund its 2012A bonds outstanding. The 'AA' rating reflects SCL's ability to produce stable coverage and liquidity through various hydrological and economic conditions, especially considering recent inflationary pressures. Concentration in
