...CENTENNIAL (S&P Global Ratings) Aug. 2, 2018--S&P Global Ratings assigned its '##' rating to Seattle's 2018 series B-1, B-2, C-1, and C-2 municipal light and power refunding revenue bonds. The outlook is stable. The utility does business as Seattle City Light (SCL). We believe credit strengths include: + A low-cost hydro-based generation portfolio that can meet demand under most water conditions, including below-normal water levels; + A strong and diverse customer base; and + Competitive retail rates, despite significant increases in the past few years. SCL's competitive position could erode because management projects average annual rate increases of 4.5% in 2019-2024. In our view, offsetting factors include some reliance on wholesale sales; and what we view as a large, $2.2 billion capital improvement program covering 2018-2023, which management expects to issue about $1.5 billion of debt to fund. SCL is a municipally owned electric utility that provides service to approximately 454,000...
