S&P Global Ratings has affirmed its 'A+' long-term rating on Tacoma, Wash.'s existing sales tax and parking revenue refunding bonds. The outlook is stable. The ratings reflect our view of the following credit-positive factors: The parking system's net revenues, which consist of revenue from 4,173 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; and Strong debt service coverage (DSC; S&P Global Ratings-calculated) with no additional debt plans. Partially offsetting these strengths, in our view, are the following: The system's adequate unrestricted cash position, covering 243 days' operating expenses, and which it can use for capital purposes; and A portion of pledged revenues (sales
