Standard&Poor's Ratings Services has affirmed its 'BBB' underlying rating (SPUR) on Atlanta's series 2007 tax allocation refunding bonds (Atlantic Station project). The outlook is stable. The rating reflects our assessment of the tax allocation district's: Highly concentrated 10 leading taxpayers, accounting for approximately 55% of incremental assessed value (AV); and Vulnerability to tax appeals and its corresponding effect on tax-increment revenues during times of economic stress. These weaknesses are offset by the district's: Attractive location, just two miles from downtown Atlanta with good access to Interstates 85 and 75; Mixed-use project area that includes a significant commercial component; Strong growth of AV since its creation in 1999, and low volatility ratio of 0.02 due to the fact that
