The 'AA' rating on Tacoma, Wash.'s bonds reflects the security provided by the pledge of net revenues of the sewer and surface water (stormwater) systems. Credit strengths include: A sound and diverse service area economy; A good operational history of the sewer and surface water systems; A strong revenue collection process, with the legal ability to place liens upon property for delinquent accounts; A manageable capital plan; and Strong financial results reflected by strong coverage of annual debt service and a strong liquidity position. Tacoma, with a population of 193,556, is in Pierce County, 32 miles south of Seattle. The leading local employers are Fort Lewis Army Base and McChord Air Force Base, with a total of 30,000 military and
