Standard&Poor's Ratings Services has assigned its 'AA-' rating to Seattle, Wash.'s municipal light and power and improvement and refunding bonds, series 2008. At the same time, Standard&Poor's upgraded the system's (doing business as Seattle City Light [SCL]) parity lien debt outstanding and our underlying ratings to 'AA-' from 'A+'. The upgrade reflects the city's improved debt leverage and improved debt service coverage. The outlook is stable. In our opinion, the ratings reflect the following strengths: A low cost hydro-based generation portfolio that meets load under most water conditions; A strong and diverse customer base; Good financial management; and Competitive retail rates. We believe offsetting factors include reliance on wholesale sales and high debt leverage, and a
