Standard&Poor's Ratings Services affirmed its 'A' long-term rating and underlying rating (SPUR) on Tacoma, Wash.'s parking system bonds outstanding. The outlook is stable. The ratings reflect our view of: The city's diverse pledge of revenues, including certain sales and use taxes and the Tacoma parking system's net revenues, which consist of revenue from 3,873 parking spaces and parking violation fines; The city manager's flexibility to adjust rates based on a market-based methodology without additional approval by the city council; The parking system's adequate unrestricted cash position, covering 279 days' operating expenses; and A permissive additional bonds test (ABT) and rate covenant. The bonds are secured by a pledge of sales and use taxes and by net revenues of
