Standard&Poor's Ratings Services affirmed its 'A' underlying rating (SPUR) on the City of Tacoma, Wash.'s series 2004A convention center and parking revenue bonds. The rating reflects: Good coverage of debt service by combined sales of use tax and net parking system revenues; A strong regional economy that participates in the greater Puget Sound metropolitan area; and A legal structure that prevents sales and use tax revenues from being used for any other projects. The bonds are secured by a pledge of sales and use taxes and by net revenues of the Tacoma parking system. On a standalone basis, maximum annual debt service (MADS) coverage by the sales tax component of total pledged revenues was a narrow 1.11x in
