Standard&Poor's Ratings Services has assigned its 'AA' rating to the City of Tacoma, Wash.'s pro forma $62 million series 2013 water system revenue and refunding bonds. At the same time, Standard&Poor's affirmed its 'AA' rating on Tacoma's water revenue bonds outstanding. The outlook is stable. Bond proceeds will provide capital project financing for filtration, transmission, distribution, and other projects ($37 million), and refund some series of bonds outstanding ($25 million). The rating reflects our view of the Tacoma water system's: Large service area of Pierce and southern King counties; Historically strong debt service coverage (DSC) and liquidity, which we expect to continue; and Recently strengthened financial management policies that bolster an already-healthy financial risk profile. In
