...August 23, 2024 NEW YORK (S&P Global Ratings) Aug. 23, 2024--S&P Global Ratings raised to '##+' from '##' its long-term rating to Tacoma, Wash.'s solid waste revenue bonds. The outlook is stable. "The upgrade reflects management's conservative financial policies and well-embedded long-term planning practices that have enabled the solid waste system to generate consistent exceptionally strong financial metrics," said S&P Global Ratings credit analyst Edward McGlade. The bonds are secured by the net revenue of the utility's solid waste system, which includes all tipping fees, charges, and amounts paid under any contract. We view the bond provisions as credit neutral. As of Dec. 31, 2023, the utility had $54.9 million in long-term debt outstanding. "The stable outlook reflects our view that the utility will continue to manage operations in a way that will allow it to meet current projections of all-in debt service coverage and liquidity," added Mr. McGlade. The outlook also reflects our view...
