S&P Global Ratings assigned its 'AA' rating to Seattle's $202.5 million municipal light and power improvement and refunding revenue bonds, 2024. 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 electric system's net revenue to the bonds. The city will use approximately $220 million of series 2024 bond proceeds to finance electric system capital to currently refund various SCL bonds outstanding. The 'AA' rating reflects SCL's ability to sustain robust coverage and liquidity through various hydrological and economic conditions. This is offset somewhat, in our view, by the utility's concentration
