The 'AA' rating is affirmed on the City of Tacoma, Wash.'s sewer system revenue bonds and is based upon: 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. The bonds are secured by the pledge of net revenues of the sewer and surface water (stormwater) systems. Tacoma (population: over 190,000) is in Pierce County, 32 miles south of Seattle. The leading local employers are Fort Lewis Army Base and McChord Air Force Base,
