Standard&Poor's Ratings Services assigned its 'AA' rating to the City of Tacoma, Wash.'s series 2015A and 2015B water system revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's outstanding water system revenue bonds. The outlook is stable. The ratings reflect our view of the water system's: Large service area anchored by the city of Tacoma and located within the larger Puget Sound regional economy, Strong debt service coverage (DSC), and Strong liquidity position. These strengths are partly offset, in our view, by the city's projection of a decline in fixed-charge coverage (FCC) to near 1x in 2015. This coverage incorporates an 8% tax the water
