Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Atlanta's series 2006 (Princeton Lakes Project) tax allocation bonds. The outlook is stable. The rating reflects our assessment of: Adequate yet slim coverage of maximum annual debt service (MADS) requirements at 1.11x for fiscal 2014; Past vulnerability and high concentration of tax 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 61.8% of fiscal 2014 incremental assessed value (AV); Lack of ability to set or adjust its tax rate, as is typical in TADs. These weaknesses are somewhat tempered by: A largely built-out project area that has seen recent improvements to AVs;
