Standard&Poor's Ratings Services 'AA-' rating on Tacoma, Wash.'s water revenue bonds reflects: A sound and diverse service area economy, More-than-adequate capacity to meet water demand, A manageable capital plan, and Sound financial operations. The bonds are secured by net revenues of the city's water system. Tacoma, with a population of 194,500, 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 civilian employees. The city is a trade center for southwestern Washington and provides education, retail trade, health care, and financial services. The economy is also enhanced by the presence of the nation's sixth-largest container port -- The
