NEW YORK (Standard&Poor's CreditWire) Feb. 22, 2001--Standard&Poor's today raised its rating on District of Columbia's $1 billion GO bonds to triple-'B'-plus from triple-'B'. The outlook is stable. Standard&Poor's also affirmed its triple-'B'-minus rating on the district's $75 million certificates of participation. The upgrade reflects the district's improved financial operations, resulting largely from federal legislation affecting the district; enhanced debt position; and the expectation that improved management controls and reforms, economic development initiatives, and other factors will continue to strengthen credit fundamentals over the long term. The rating is based on the full faith and credit of the district and also reflects an economy that is showing signs of coming out of a long-term decline.
