OREANDA-NEWS. S&P Global Ratings Services assigned its 'AA+' long-term rating to King County, Wash.'s $623 million 2016 series B sewer refunding revenue bonds, issued for the county's sewer system. At the same time, S&P Global affirmed its: 'AA+' long-term rating and underlying rating on the county's existing parity bonds; 'AA' rating on the county's existing junior-lien bonds; The long-term component of our dual ratings on the county's series 2001AB variable rate bonds (AAA/A-1); and The long-term component of our dual rating the county's series 2010AB long-term general obligation multi-modal bonds (AAA/A-1+). The outlook, where applicable, on all parity and junior-lien sewer system debt is stable.

"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.