...S&P Global Ratings assigned its '##+' long-term rating to Seattle, Wash.'s anticipated $119.6 million series 2022 drainage and wastewater system improvement and refunding revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the city's existing drainage and wastewater system parity debt. The outlook is stable. Proceeds will be used to fund $20 million of upcoming drainage and wastewater system capital needs and to refund all or a portion of the series 2012 bonds for debt service savings. At fiscal year-end Dec. 31, 2021, the system had $963 million of drainage and wastewater debt (including authorized but not yet drawn borrowing under a $192.2 million Water Infrastructure Finance and Innovation Act (WIFIA) loan) and $56.1 million in subordinate state loans outstanding. We consider the bond provisions to be standard. The series 2022 bonds are secured by a pledge of net revenues of the city's drainage and wastewater system. Additionally, securing all parity bonds...
