Standard&Poor's Ratings Services assigned its 'AA-' rating to Tacoma, Wash.'s solid waste utility revenue refunding bonds, series 2006B. The rating reflects the utility's: Local service area economy that is part of the large and diverse greater Seattle regional economy; Strong revenue collection process; Conservative management policies, which provide solid liquidity and debt service coverage; and Limited future capital needs. Tempering the utility's rating are its above-average fees and rising energy costs. In addition, the utility is dependent on a private landfill for disposals, which potentially exposes the utility to market-driven rate adjustments on contracts. The bonds are secured by a pledge of the system's net revenues. The solid waste system serves Tacoma's ('AA-' GO rating) incorporated territory, which
