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 1.22x for fiscal 2015; Past vulnerability and high concentration of tax appeals in the tax allocation district (TAD), which has the potential to significantly depress future increment collections in times of economic stress; Moderately high taxpayer concentration, with the 10 largest taxpayers representing 62% of fiscal 2015 incremental assessed value (AV); and Lack of ability to set or adjust its tax rate, as is typical in TADs. We believe the following factors offset these weaknesses somewhat: A largely built-out project area
