S&P Global Ratings assigned its 'AA+' long-term rating to the city of Seattle's $195.9 million series 2017 water system improvement and refunding revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the city's outstanding water system improvement and refunding revenue bonds. The rating reflects, in our opinion, the combination of a very strong enterprise and financial risk profile. The outlook is stable. The enterprise risk profile reflects our view of the water system's: Service area participation in the broad and diverse Seattle metropolitan area economy; Affordable service rates that provide management with good revenue-raising flexibility, which is critical as the city ramps up capital spending through 2019; and Very low industry risk as a monopolistic
