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 rating reflects 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 3,838 parking spaces and parking violation fines; The parking system's excellent unrestricted cash position, covering 971 days' operating expenses; The city manager's flexibility to adjust rates based on a market-based methodology without additional approval by the city council; 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
