Standard&Poor's Ratings Services assigned its 'AA-' rating to Tacoma, Wash.'s $12.4 million series 2006B limited-tax GO refunding bonds and affirmed its 'AA-' rating and underlying rating (SPUR) on the city's existing GO debt. The rating reflects the city's: Strong assessed valuation (AV) growth, supported indirectly by public facility investments; Good financial management policies and practices; Sustained healthy reserve levels since 2002; and Moderate debt burden. Tempering the city's rating are a regional economy concentrated in defense-related employment and a median household income below the national level. The city's full faith and credit pledge to levy taxes on property within the city, subject to a statutory limit of $3.60 per $1,000 of AV, secures the bonds. Under State Initiative
