Standard&Poor's Ratings Services assigned its 'AA+' rating to Seattle, Wash.'s series 2012 water system revenue refunding bonds. At the same time, we affirmed the 'AA+' rating on Seattle's existing water system parity debt. The outlook is stable. The rating is based on our view of the water system's: Role as a major regional water supplier to retail customers within Seattle and to wholesale customers in the Puget Sound area; Deep and diverse service area economic base; and History of adopting rate increases to support stable financial performance. These strengths are partially offset by our view of the water fund's maintenance of a low unrestricted cash position. However, in our view, access to loans from the city's large investment
