District of Columbia Tax Increment Revenue Bond Ratings Raised Due To Very Strong Coverage

NEW YORK (Standard&Poor's) Aug. 7, 2015--Standard&Poor's Ratings Services said it raised its rating on District of Columbia's (D.C.) series 2002 (Mandarin Oriental Hotel) tax increment revenue bonds to 'AA-' from 'A'; its rating on D.C.'s series 2011 (City Market at O Street project) tax increment revenue bonds to 'A+' from 'A-'; and its series 2012 (Gallery Place project) tax increment revenue refunding bonds to 'A+' from 'A–'. The outlook is stable for all ratings. At the same time, Standard&Poor's assigned its 'A+' long-term rating to D.C.'s series 2015 (The Wharf Project) southwest waterfront project revenue bonds. The outlook is stable. We understand the majority of bond proceeds will fund certain costs associated with the

...NEW YORK (Standard & Poor's) Aug. 7, 2015--Standard & Poor's Ratings Services said it raised its rating on District of Columbia's (D.C.) series 2002 (Mandarin Oriental Hotel) tax increment revenue bonds to '##-' from 'A'; its rating on D.C.'s series 2011 (City Market at O Street project) tax increment revenue bonds to 'A+' from 'A-'; and its series 2012 (Gallery Place project) tax increment revenue refunding bonds to 'A+' from 'A¡'. The outlook is stable for all ratings. At the same time, Standard & Poor's assigned its 'A+' long-term rating to D.C.'s series 2015 (The Wharf Project) southwest waterfront project revenue bonds. The outlook is stable. We understand the majority of bond proceeds will fund certain costs associated with the development of the Southwest Waterfront Project as well as capitalized interest and a debt service reserve fund. "The upgrades are due to ongoing development within the Downtown Tax Increment Financing (TIF) Area that ultimately secures the 2002 bonds on a...

Ratings Action