WASHINGTON, D.C. (Standard&Poor's) March 26, 2002--Standard&Poor's today assigned its single-'A'-minus rating to District of Columbia's $46 million and $75 million tax increment revenue bonds, issued for the Mandarin Oriental Hotel project and the Gallery Place project, respectively. The $46 million bonds are scheduled to sell on March 27, 2002, and the $75 million bonds are scheduled to sell on April 11, 2002. The outlook is stable. The rating reflects: -- The large size of the tax increment financing (TIF) area, which represents a large portion of the downtown central business district; -- Moderate volatility in the base and increasing diversity; -- The added strength of pledged sales tax increment revenue, with retail sales tax increment within
