S&P Global Ratings assigned its 'AA+' long-term rating to Seattle, Wash.'s $25.55 million solid waste system refunding revenue bonds, series 2021. The outlook is stable. The series 2021 bonds will be issued to refund certain outstanding obligations of the solid waste system. 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. As of June 4, 2021, the solid waste system had $174.2 million of solid waste revenue bonds outstanding. The solid waste
