Standard&Poor's Ratings Services assigned its 'A+' rating, and stable outlook, to Tacoma, Wash.'s series 2005A electric system revenue bonds and series 2005B electric system revenue refunding bonds. The rating reflects the utility's: Favorable power supply position with surplus capacity in nearly all months, even under low stream flow conditions and below-average power supply costs; Strong financial profile, which was characterized, in 2004, by debt service coverage (DSC) of 1.9x after city transfers and 1.4x fixed-charge coverage, manageable debt levels, and adequate liquidity of more than $105 million as of Dec. 31, 2004; and History of responsive rate setting by board officials and management -- low rates were about 82% of the state average in 2003. Credit concerns include:
