The 'BBB' rating on Atlanta, Ga.'s tax allocation refunding bonds (Atlantic Station project) series 2007 reflects the tax allocation district's: High concentration of the 10 leading taxpayers, which account for roughly 65% of incremental assessed value (AV); A high level of commercial appeals that, even if denied, freezes the assessment level for a three-year period, providing an incentive for commercial establishments to appeal; and Potential for additional debt issuance given a high level of remaining reimbursable costs and an increased maximum debt issuance authorization. These weaknesses are offset by the district's: Attractive location, just two miles from downtown Atlanta ('AA-'/Positive) with good access to Interstates 85 and 75; A mixed-use project area that includes a significant commercial component; Strong growth
