WASHINGTON D.C. (Standard&Poor's) July 15, 2003—Standard&Poor's Ratings Services assigned its 'BBB+' rating to District of Columbia's $70 million certificates of participation (COPs) series 2003, reflecting the fundamental credit quality of the district. The COPs are scheduled to sell on July 23. The outlook is stable. Other credit factors include the district's history of making annual appropriations to pay lease debt and its absolute and unconditional obligation to make lease payments. The stable outlook reflects the outlook on the district's GO bonds. Each certificate represents a proportionate interest in lease payments to be made by the district and assigned to the lessor. Under the terms of the lease, the district has an absolute and unconditional obligation to
