Standard&Poor's Ratings Services revised its outlook to stable from negative on Seattle, Wash.'s previously issued general obligation (GO) bonds and GO-equivalent obligations. In addition, Standard&Poor's affirmed its 'AAA' long-term rating on the bonds and obligations. We also assigned our 'AAA' long-term rating to the city's series 2012 limited-tax GO improvement and refunding bonds and its series 2012 unlimited-tax GO refunding bonds. The outlook on these ratings is stable. The outlook revision reflects our view of the city's decision to fully fund the annual required contribution (ARC) in 2012 necessary to amortize its self-managed defined-benefit pension fund liability. Although we recognize that the city's shift to five-year asset smoothing from its prior mark-to-market valuation method accounts for
