S&P Global Ratings assigned its 'AA+' long-term rating to Seattle, Wash.'s anticipated $95.2 million series 2023 drainage and wastewater system improvement and refunding revenue bonds. Seattle Public Utilities (SPU) is the city's utility system. At the same time, S&P Global Ratings affirmed its 'AA+' rating on Seattle's outstanding drainage and wastewater system parity debt. The outlook is stable. We consider the bond provisions to be standard. The series 2023 bonds are secured by a pledge of net revenues of the city's drainage and wastewater system. Additionally, securing all parity bonds is a reserve funded at the lesser of maximum annual debt service (MADS), 125% of average annual debt service, or 10% of proceeds. A rate covenant requires the system to generate
