The rating on Tacoma, Wash.'s G.O. bonds reflects the following credit strengths: * The city's growing role as a trade and services center for an expanding region; * Moderately low debt; and * Good financial management. Offsetting factors include concentration in military employment and below- average incomes. No rating distinction is made between the limited and unlimited tax bonds due to expenditure flexibility, a low limited tax G.O. debt burden, and historically strong reserves. Tacoma (population 185,000) is located in Pierce County, 32 miles south of Seattle. The leading local employers are Fort Lewis Army Base and McCord Air Force Base, totaling 31,000 military and civilian employees. New development downtown includes a federal courthouse, the University of Washington at Tacoma
