Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating and underlying rating (SPUR) on Seattle, Wash.'s existing general obligation (GO) bonds and GO-equivalent obligations, based on our recently released local GO criteria. The outlook is stable. The city's full faith and credit, including the obligation to levy ad valorem property taxes without limitation as to rate or amount secure the city's unlimited-tax GO bonds. The city's limited-tax GO bonds are subject to statutory limitations that include a limit on annual property tax revenue growth without a voter override and a limit on the city's levy rate per $1,000 of assessed value (AV). The city's GO-equivalent obligations include its limited-tax GO pledge on a contingent basis. The rating reflects our
