NEW YORK (Standard&Poor's CreditWire) July 22, 1999--Standard&Poor's today assigned its single-'A'-plus rating to Tacoma, Wash.'s $37.1 million series 1999 electric system revenue bonds. At the same Standard&Poor's also affirmed its single-'A'-plus rating on Tacoma, Wash.'s outstanding electric system revenue bonds. The outlook is revised to positive from stable. The bonds are secured by electric system revenues, and rating strengths include: -- A diverse and low cost power supply resulting in very competitive system rates; -- Revised contracts with Tacoma's largest industrial customers, transferring power cost risk to these customers, ultimately reducing Tacoma's business risk; and -- Continued strong financial performance, with solid debt service coverage on all obligations, resulting in a primarily pay-as-you-go capital
