...S&P Global Ratings assigned its '##' long-term rating to Tacoma, Wash.'s approximately $13.37 million series 2022 waste revenue bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the city's existing solid waste utility debt. The outlook is stable. The series 2022 bonds are being issued to provide the funds necessary to finance and/or reimburse the city for costs associated with the construction, improvement, and equipping of the system. We view the bond provisions as credit neutral. The bonds are secured by the net revenues of the utility's solid waste system, which includes all tipping fees, charges, and amounts paid under any contract. Key bond provisions include a rate covenant set at 1.25x annual debt service and an additional bonds test set at 1.1x maximum annual debt service (MADS). Officials intend to fund a debt service reserve fund. As of Dec. 31, 2021, the utility had $54.5 million long-term debt outstanding....
