...S&P Global Ratings has raised its long-term rating on Seattle, Wash.'s outstanding solid-waste system improvement and refunding bonds to '##+' from '##'. The outlook is stable. The upgrade reflects a strong conservative management team, which has strived to keep solid-waste fees affordable while dealing with increasing contract costs and capital requirements. The rising capital requirement reflect management's efforts to become more efficient at its solid-waste facilities, with one of two transfer stations completely rebuilt and construction on the other expected to start soon. Management has also indicated that it will be funding a larger part of the capital program from operations, thereby reducing future expected debt burden levels. The rating is based on our view of the solid-waste system's extremely strong enterprise risk profile assessment, reflected by its: + Strong and deep service area economy in the Seattle-Tacoma-Bellevue metropolitan statistical area (MSA) which is characterized...
