S&P ups King County sewer bonds

Standard & Poor's said it raised its underlying rating to AA+ from AA on King County, Wash.'s nearly $1.5 billion in outstanding senior-lien sewer revenue bonds and assigned that rating to the county's $350 million 2008 sewer revenue bonds.

Proceeds will be used to help fund the wastewater treatment division's $3.68 billion capital improvement plan.

S&P also raised its rating to AA- from A+ on the county's outstanding junior-lien variable-rate demand bonds and affirmed its A-1+ short-term rating on the county's $100 million in outstanding commercial paper, which is secured by a lien subordinate to the junior-lien obligations. The outlook is stable.

The upgrades reflect progress on the county's large capital improvement plan and its proven willingness to increase rates and connection charges, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.