Standard&Poor's Ratings Services has affirmed its 'AA' rating on the City of Tacoma, Wash.'s water system revenue and refunding bonds outstanding. The outlook is stable. The affirmation follows us assigning our 'AA' rating to the series 2013 bonds in March; the city has increased the pro forma par amount to $79 million, because it is now operating under the assumption that subordinate-lien debt, in the form of state public works trust fund loans, will not be received. Because the annual debt requirements have not changed materially in the early years, our rating is unchanged. We further note that Tacoma still plans to continue issuing debt every other year. Bond proceeds are providing capital project financing for filtration, transmission,
