Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Seattle, Wash.'s $118 million 2009 drainage and wastewater revenue bonds, which include Build America Bonds. At the same time, we affirmed our 'AA+' rating on the city's existing drainage and wastewater refunding bonds. The outlook is stable. In our view, the rating reflects the following credit strengths: The service area's very deep and diverse economic base (we rate Seattle and King County general obligation bonds AAA/Stable), despite currently soft economic conditions; Strong and improved debt service coverage (DSC) ratios that exceed and are supported by robust policy target levels; and Continued excellent management of utility operations and its capital plan, with implementation of necessary rate increases that contribute directly
