Moody's ups King County sewer bonds to Aa3

Moody's Investors Service said it raised its underlying rating to Aa3 from A1 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.

The expected sale date is July 28.

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

Moody's affirmed its Aa1 rating on the county's $437 million outstanding junior-lien variable-rate demand bonds. The outlook is stable.

The upgrade reflects the system's large and economically diverse service area, its stable rate base which provides satisfactory debt service coverage, its manageable debt ratio and sound management practices, Moody's said.

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