MOODY'S ASSIGNS Aa2 RATING AND STABLE OUTLOOK TO SEATTLE'S WATER REVENUE BONDS

Posted on: December 18, 2009, 5:24 pm

NEW YORK, Dec 18, 2009 -- Moody's Investors Service has assigned a Aa2 rating and stable outlook to the City of Seattle's Water System Revenue Bonds, 2010A and Water System Improvement and Refunding Revenue Bonds, 2010B in the aggregate amount of approximately $179.8 million. The rating affects approximately $1.1 billion in senior lien water revenue bonds. The bonds are secured by a senior lien pledge of net revenues of the city's water utility. Proceeds will be used to fund a portion of the utility's capital improvement program as well as refund the system's Water System Revenue Bonds, Series 1998. The Aa2 rating primarily reflects the utility's strong service area, adequate supply of high quality water and satisfactory financial operations which benefit from sound financial policies, including a demonstrated trend of regular rate increases. The stable rating outlook reflects Moody's expectation that the utility's general credit characteristics will remain satisfactory even as the city continues to issue sizable amounts of parity debt to finance its capital program. Future credit reviews will continue to focus on the city's ability to maintain rates and charges sufficient to provide debt service coverage at or above an expected revised policy level of between 1.50 times and 1.70 times...

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