Tacoma Electric System, Wash.'s rating reflects the city's Public Light Division's low-cost energy supply, which results in regionally competitive rates and strong finances. Additional strengths include the utility's experienced management and a large, but manageable, capital program. Credit concerns include an economic base somewhat dominated by lower-paying service, trade, and manufacturing jobs producing lower-than-average wealth and income levels, and a power resource mix concentrated in hydroelectric projects. Located 32 miles south of Seattle, Tacoma (`A+' G.O. debt) has been experiencing steady growth in retail and trade. Growth should continue as the city embarks on a $100 million expansion of the University of Washington's branch campus downtown. The city is anchored by a strong military presence and should benefit from the
