Standard&Poor's Ratings Services has affirmed its 'BBB' underlying rating (SPUR), with a stable outlook, on Atlanta, Ga.'s tax allocation refunding bonds (Atlantic Station project) series 2007, reflecting our assessment of the tax allocation district's: Highly concentrated 10 leading taxpayers, accounting for 49% of incremental assessed value (AV); and High level of appeals, at approximately 36.6% of the district's incremental AV. These weaknesses are offset by our view of the district's: Attractive location, just two miles from downtown Atlanta with good access to Interstates 85 and 75; Mixed-use project area that includes a significant commercial component; Strong historical coverage of senior-lien maximum annual debt service (MADS) at 2.2x for fiscal 2013 (ended June 30); Largely stable operating millage rates
