Standard&Poor's Ratings Services has assigned its 'AA' rating to Seattle, Wash.'s 2015A municipal light and power improvement and refunding revenue bonds, and its 2015B municipal light and power revenue bonds (SIFMA Index). The utility does business as Seattle City Light (SCL). At the same time, Standard&Poor's affirmed its underlying rating on parity debt. The outlook is stable. We believe credit strengths include: A low-cost hydro-based generation portfolio that can meet demand under most water conditions, including less-than-normal water conditions; A strong and diverse customer base; and Competitive retail rates, despite significant increases in the past few years. In our view, offsetting factors include some reliance on wholesale sales, and what we view as a large capital
