WASHINGTON (Standard&Poor's) Oct. 7, 2002—Standard&Poor's Ratings Services today assigned its triple-'B'-plus rating to District of Columbia's $357 million GO refunding bonds reflecting the district's diversifying local economy anchored by federal government, services, and tourism. The outlook is stable. Standard&Poor's also affirmed its triple-'B'-plus rating and underlying rating on the district's outstanding GO bonds. The rating also reflects improved financial management as evidenced by the efficient balancing of the fiscal 2003 budget through both revenue enhancements and expenditure cuts. Additional rating factors include sound financial reserves that provide flexibility to help manage during economic uncertainties; and an enhanced debt position. "A critical component of the improvement in the district's creditworthiness was the implementation of the
