Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Tacoma, Wash.'s $100 million series 2015 sewer revenue and refunding bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term and underlying rating (SPUR) on the city's sewer system's previously issued parity debt. The outlook is stable. The rating reflects our view of the city's: Strong financial performance, reflected by very strong coverage of annual debt service and a strong liquidity position; Strong economic base with diversity in both the employment and customer bases, and good income levels; and Generally good operating history of the sewer and surface water systems with ample capacity. Partly offsetting the above strengths, in our view, are the city's: Decline in liquidity
