Standard & Poor’s upgraded its underlying rating for King County’s senior-lien sewer revenue bonds to AA-plus from AA, as the county prepares to issue $350 million in new debt.

The rating agency also upgraded the county’s junior-lien sewer revenue bonds to AA-minus from A-plus. King County has $1.5 billion of senior-lien sewer bonds outstanding and $200 million of outstanding variable-rate bonds under its junior lien. It has another $450 million of outstanding debt with a double-barrel limited-tax general obligation and revenue pledge.

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