Standard&Poor's Ratings Services affirmed its 'AA' long-term rating on the South Correctional Entity Facility Public Development Authority, Wash.'s series 2009A bonds and 2009B Build America Bonds (BABs). The outlook is stable. The rating reflects our opinion of: A several limited-tax general obligation of six owner cities, which have individually pledged to make their allocated portion of debt service payments; GO credit profiles of at least 'AA' among the owner cities; and The owner cities' and authority's obligation to make debt service payments regardless of the opening and operation of the facility. The bonds are special limited obligations of the authority payable from deposits in the bond fund under unconditional and irrevocable pledges of each of the following cities'
