S&P: King County, WA $623 Million Sewer Refunding Bonds Assigned 'AA+' Rating On Financial Stability
"The ratings reflect our view of the county's financial stability and debt service coverage consistency," said S&P Global Ratings credit analyst Chloe Weil. "The rating further reflects our view of the county sewer system's role as the sole regional provider of wastewater treatment services within the Seattle metropolitan area economy," Ms. Weil added.
The 2016B bonds are being issued to refund certain outstanding fixed rate bonds for debt service savings and fund $50 million of new capital projects.
The local economic base encompasses the core of the 4.2 million-resident, seven-county Seattle region. The county itself has 2.0 million residents (making it the state's most populous county) and $319.5 billion in market value.