Standard&Poor's Ratings Services has assigned its 'BBB-' long-term rating to Atlanta, Ga.'s series 2006 (Princeton Lakes Project) tax allocation bonds. The rating reflects: An above-average number of pending appeals in the tax allocation district (TAD), which has the potential to significantly depress future increment collections; Moderately high taxpayer concentration, with the 10 largest taxpayers representing 45% of fiscal 2011 incremental assessed value (AV) and six of the leading taxpayers currently under appeal; Falling net AV, with a 6.7% year-over-year reduction for fiscal 2012; Slim coverage of maximum annual debt service (MADS) requirements at 1.06x for fiscal 2012 (projected); Strong likelihood of continual weakness in residential and commercial property values; and Lack of ability to set or adjust its
