District Of Columbia Series 2020 GARVEE Bonds Assigned 'AA' Rating

CENTENNIAL (S&P Global Ratings) Jan. 15, 2020--S&P Global Ratings assigned its 'AA' rating to the District of Columbia's (D.C.) proposed $229.57 million series 2020 federal highway grant anticipation revenue (GARVEE) bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on D.C.'s GARVEE bonds outstanding. The outlook is stable. "The rating reflects our view of strong debt service coverage based on historical federal grant receipts and a sound bond structure," said S&P Global Ratings credit analyst Ken Biddison. The rating also reflects our opinion of the following credit strengths: Strong maximum annual debt service; A memorandum of agreement between the district and the Federal Highway Administration; and Generally positive trends in obligation authority and receipts of Title

...January 15, 2020 CENTENNIAL (S&P Global Ratings) Jan. 15, 2020--S&P Global Ratings assigned its '##' rating to the District of Columbia's (D.C.) proposed $229.57 million series 2020 federal highway grant anticipation revenue (GARVEE) bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating on D.C.'s GARVEE bonds outstanding. The outlook is stable. "The rating reflects our view of strong debt service coverage based on historical federal grant receipts and a sound bond structure," said S&P Global Ratings credit analyst Ken Biddison. The rating also reflects our opinion of the following credit strengths: - Strong maximum annual debt service; - A memorandum of agreement between the district and the Federal Highway Administration; and - Generally positive trends in obligation authority and receipts of Title 23 federal aid money, as well as the district's track record of maximizing federal grants and effectively managing the grant reimbursement process. Partially offsetting...

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