Summary: Seattle, Washington; Solid Waste/Resource Recovery

S&P Global Ratings removed its long-term rating on Seattle, Wash.'s solid waste system improvement and refunding bonds from CreditWatch, where it had been placed with positive implications on Nov. 16, 2020, and affirmed the rating at 'AA+'. The outlook is stable. The rating action reflects our determination that the model error described in our report (published Nov. 16, 2020, on RatingsDirect) did not impact the solid waste system's enterprise risk profile score, given that the economy score was already at our highest assessment. The rating continues to be supported by an extremely strong risk profile and very strong enterprise risk profile score. We view the bond provisions as credit neutral. A pledge of net revenue of the city's solid waste

...S&P Global Ratings removed its long-term rating on Seattle, Wash.'s solid waste system improvement and refunding bonds from CreditWatch, where it had been placed with positive implications on Nov. 16, 2020, and affirmed the rating at '##+'. The outlook is stable. The rating action reflects our determination that the model error described in our report (published Nov. 16, 2020, on RatingsDirect) did not impact the solid waste system's enterprise risk profile score, given that the economy score was already at our highest assessment. The rating continues to be supported by an extremely strong risk profile and very strong enterprise risk profile score. We view the bond provisions as credit neutral. A pledge of net revenue of the city's solid waste system secures the bonds. A rate covenant requires the system to generate at least 1.25x debt service coverage. The additional bonds test requires that historical or projected net revenue provide at least 1.25x coverage of existing and proposed debt....

Summary