S&P Global Ratings assigned its 'AA' rating to Seattle's $274.98 million municipal light and power improvement and refunding revenue bonds, series 2023A. 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 $249 million of series 2023A bond proceeds to finance capital improvements and $55 million to currently refund various bonds outstanding. The 'AA' rating reflects SCL's ability to sustain robust coverage and liquidity through various hydrological and economic conditions. Concentration in hydroelectric generation, from both owned assets and
