Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to the City of Seattle, Wash.'s limited-tax general obligation (LTGO) improvement and refunding bonds, series 2009. In addition, Standard&Poor's affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the city's outstanding unlimited-tax general obligation (UTGO) and LTGO bonds. The rating reflects: A very deep and dynamic local and regional economy, with above-average income and wealth indicators; A very large, continually growing, and diverse property tax base; Exceptionally strong financial management, a structurally balanced budget, and adequate reserves, despite slowing revenue trends; and Moderate overall debt levels, as well as excellent management of the city's longer-term capital improvement plan (CIP). The existing UTGO bonds are secured by an
