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 AuthAction: AffirmedAction: New RatingAction: Outlook: Stable