Standard&Poor's Ratings Services assigned its 'AA' rating to the City of Tacoma, Wash.'s series 2006 sewer system revenue and refunding bonds and affirmed its 'AA' underlying rating (SPUR) and long-term rating on the sewer system's outstanding debt. The rating reflects: 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; Good financial results, reflected by solid coverage of annual debt service and a strong liquidity position; and A manageable capital plan. The bonds are secured by the pledge of net revenues of the sewer system, which is made up of two utilities: the
