Standard&Poor's Ratings Services revised the outlook to positive from stable and affirmed its 'A' long-term rating and underlying rating (SPUR) on Tacoma, Wash.'s existing sales tax and parking revenue refunding bonds. We revised the outlook based on the parking system's solid historical operating results. The ratings reflect our view of the following credit factors: 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 4,270 parking spaces and parking violation fines; The city manager's flexibility to adjust rates based on a market-based methodology without additional approval from the city council; The parking system's good unrestricted cash position, covering 330 days' operating expenses; and The
