S&P Global Ratings assigned its 'AA+' long-term rating to Seattle, Wash.'s approximately $68 million series 2024 water system revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the city's outstanding water system parity debt. The outlook is stable. Proceeds from series 2024 issuance will be used to fund $70 million of upcoming water system capital needs. The bonds are secured by a pledge of net revenue of the city's water system. A rate covenant requires the system to generate debt service coverage of 1.25x, though withdrawals from a rate stabilization fund can be included in this calculation. Additionally, securing all parity bonds is a reserve, funded at $61.5 million (funded with both cash and sureties),
