Standard&Poor's Ratings Services assigned its 'AA-' rating to the City of Tacoma, Wash.'s series 2005 water system revenue and refunding bonds and affirmed its 'AA-' underlying rating (SPUR) to the city's outstanding debt. The rating reflects: A service base that is integrated into the broad and diverse Puget Sound MSA economies; A large system, with more than 93,00 metered connections with limited customer concentration; Sufficient water supply, storage, and pumping capacity; and Sound financial profile, with historically strong debt service coverage of parity debt and good cash liquidity. These strengths are somewhat mitigated by the expectation of more bonding as the district implements the first phase of its 10-year capital plan. Despite revenue growth, debt service coverage is
