S&P Global Ratings Services assigned its 'AA+' long-term rating to the South Correctional Entity Facility Public Development Authority, Wash.'s $45.9 million series 2019 refunding bonds. The outlook is stable. The bonds are special limited obligations of the authority payable from deposits in the bond fund managed by the authority under unconditional and irrevocable pledges of each of the following cities' full faith and credit, including the obligation to levy property taxes within statutory limitations: Auburn, Burien, Des Moines, Renton, SeaTac, and Tukwila. In all cases, we view the participants' individual pledges as a form of limited-tax GO debt and because pledged revenue is not measurably narrower or subject to disproportionate risks relative to the entities' overall revenue, we rate their
