...WASHINGTON (S&P Global Ratings) July 31, 2018--S&P Global Ratings raised its rating on the District of Columbia's ballpark revenue bonds to 'A-' from '###+'. The outlook is stable. "We base the upgrade on a track record of strong and stable revenues, well in excess of debt service, providing flexibility to prepay existing principal and resulting in improved coverage levels, " said S&P Global Ratings credit analyst Timothy Barrett. "We believe the resolution-based closed flow of funds which mandates that excess ballpark revenue funds be used to repay the ballpark bonds, as well as the lack of parity debt plans, support the 'A-' rating and stable outlook," Mr. Barrett added The bonds are secured by a combination of pledged revenues, including Major League Baseball (MLB) rents, sales taxes generated at the stadium, a utility tax, and ballpark fee revenues. The rating reflects our view of: + Stable pledged revenue collections well above annual debt service amounts that have experienced good...
