Posted on July 17, 2024
NEW YORK –S&P Global Ratings assigned its ‘AA-‘ long-term rating to the Port of Seattle’s approximately $172 million series 2024A (non-AMT) intermediate-lien revenue refunding bonds and approximately $667 million series 2024B (AMT) intermediate-lien revenue and refunding bonds. The outlook is stable.
Bond proceeds from series 2024A and a portion of the series 2024B will refund maturities outstanding from the series 2013, 2015A, and 2015B intermediate-lien bonds to lower overall debt service costs. Approximately $535 million from the series 2024B proceeds will fund Seattle-Tacoma International Airport improvements identified in the 2024-2029 capital improvement plan.
“The rating reflects our view of such factors as the port’s extremely strong market position, strong debt service coverage, and management and governance underpinned by a deep and experienced team,” said S&P Global Ratings credit analyst Nora Wittstruck.
While the port’s substantial capital plan could lead to modest deterioration in debt service coverage, we believe the management team will adjust its debt and spending plan to maintain strong financial results.
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.spglobal.com/ratings for further information. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings’ public website at www.spglobal.com/ratings.
European Endorsement Status
Global-scale credit rating(s) issued by S&P Global Ratings’ affiliates based in the following jurisdictions [To read more, visit Endorsement of Credit Ratings] have been endorsed into the EU and/or the UK in accordance with the relevant CRA regulations. Note: Endorsements for U.S. Public Finance global-scale credit ratings are done per request. To review the endorsement status by credit rating, visit the spglobal.com/ratings website and search for the rated entity.
