NEW YORK (Standard&Poor's CreditWire) July 27, 1999--Standard&Poor's today assigned its triple-'B' rating to District of Columbia's $240 million GO bonds series 1999A and $660 million GO refunding bonds series 1999B. The bonds are scheduled to sell July 29, 1999. In addition, Standard&Poor's affirmed its triple-'B' rating and triple-'B' underlying rating (SPUR) on the District's outstanding GO bonds and its triple-'B'-minus rating on the District's outstanding certificates of participation. The triple-'B' rating reflects improved financial and administrative factors resulting largely from federal legislation affecting the district and the expectation that strengthened management controls and reforms, economic development initiatives, and other factors will solidify credit fundamentals over the long term. Other rating characteristics include debt pressures
