Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Atlanta, Ga.'s series 2006 (Princeton Lakes Project) tax allocation bonds. The outlook is stable. The rating reflects our assessment of: 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 5.6% year-over-year reduction for fiscal 2013; Slim coverage of maximum annual debt service (MADS) requirements at 1.03x for fiscal 2013; The likelihood of continual weakness in residential and commercial property values; and Lack of ability to
