Standard&Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'AA' long-term rating on Seattle, Wash.'s existing solid waste revenue bonds. At the same time, Standard&Poor's assigned its 'AA' long-term rating to the city's series 2014 solid waste revenue bonds. The negative outlook reflects our view of the city's planned drawdown in liquidity of the solid waste system to pay for capital projects. At year-end 2013, the system had about 60 days of operating expenses on hand, a level we view as adequate but below-average for the 'AA' rating level. Under the city's projections, liquidity is anticipated to fall to a level we consider low by 2016. The city's currently only adequate liquidity
