NEW YORK (Standard&Poor's) Feb. 12, 2008--Standard&Poor's Ratings Services affirmed its 'BBB' rating, and stable outlook, on Atlanta, Ga.'s series 2007 tax allocation refunding bonds, (Atlantic Station Project) following yesterday's Georgia Supreme Court decision that state tax increment revenues cannot include revenues attributable to a local school's tax rate. The court ruled that the state constitution prohibits the use of school tax revenue as security on the city's BeltLine project tax allocation bonds, a different series of bonds. However, the ruling does not appear to apply to Atlanta's Atlantic Station bonds due to a previous bond validation action. The series 2007 bonds were validated Aug. 9, 2007, and, therefore, Standard&Poor's does not currently consider the
