Summary: King County, Washington; Appropriations; General Obligation; General Obligation Equivalent Security; Note Feb 11

Standard & Poors, February 2011

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to King County, Wash.'s series 2011A limited-tax general obligation (GO) bond anticipation notes (BANs). We also affirmed our 'AAA' long-term rating and underlying rating (SPUR) on the county's outstanding GO bonds, our 'AA+' SPUR on the county's appropriation obligations, and our 'AAA' long-term rating on the King County Housing Authority bonds backed by a contingency loan agreement from the county. The outlook on the long-term ratings and SPURs is stable. The 'SP-1+' short-term rating on the series 2011A notes reflects our view of the county's: Direct pledge of its full faith, credit, and resources, including an obligation to levy ad valorem property taxes within statutory limitations; Strong fundamental long-term credit...

Companies mentioned in this report are:
- King Cnty
- King Cnty Hsg Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- King Cnty
- King Cnty Hsg Auth

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