...S&P Global Ratings affirmed its 'A+' long-term rating on Tacoma, Wash.'s (the city or the system) sales tax and parking revenue refunding bonds. The outlook is negative. The long-term rating reflects the application of S&P Global Ratings updated criteria, "Global Not-For-Profit Transportation Infrastructure Enterprises: Methodologies And Assumptions," published Nov. 2, 2020. A pledge of sales and use taxes, as well as net revenues--parking revenues less parking operating expenses--of the Tacoma parking system, secures the bonds. The sales and use tax pledged to the bonds (the district contribution) is the 0.033% sales and use tax levied on the district. These revenues are only for the portion of the debt service attributable to the convention center-related debt service, or approximately 89% of the total. In fiscal 2019, pledged sales tax revenues were $2.6 million. The city will pay any shortfall from the contribution on the debt attributable to the convention center with system revenues....
