Moody's affirms ratings for UW, Seattle, Bellevue

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OLYMPIA, Wash. (AP) -- The University of Washington and the city of Seattle are no longer facing the threat of a credit ratings downgrade.

Moody's Investors Services said Thursday that it was reaffirming the ratings because the federal government raised the debt ceiling and avoided a U.S. default. The agency had previously placed five states and more than 300 other public finance issuers on notice for possible downgrade, including Seattle, Bellevue, King County and school districts in King County.

The agency says each entity will be reviewed on a case by case basis in the coming weeks. A credit downgrade would increase future borrowing costs.