...S&P Global Ratings revised its outlook to stable from negative and affirmed its '##+' rating on Seattle, Wash.'s existing drainage and wastewater system parity debt. At the same time, S&P Global Ratings assigned its '##+' long-term rating to the city's series 2021 drainage and wastewater system improvement and refunding revenue bonds. The revised outlook reflects our assessment of Seattle Public Utilities' (SPU) proposed six-year rate plan, which we believe sets a credible trajectory for the drainage and wastewater system's future financial performance, which we expect will remain at levels we consider consistent with the current rating. The pandemic has had a relatively modest effect on utility operating margins to date. With many jobs able to happen remotely and the city's largest employer, Amazon, surging on robust demand for online retail and cloud computing services, we think a significant portion of the city's economic life has adapted to the pandemic with minimal disruption. Proceeds...
