Standard&Poor's Ratings Services assigned its 'AAA' standard long-term rating to the District of Columbia's series 2009A income-tax secured bonds and series 2009B income-tax secured refunding bonds. A statutory lien and pledge on the trust estate secures the bonds. The pledge consists primarily of income-tax revenues and business franchise taxes (income taxes) generated in the district and received by the collection agent, trustee, or district in any fiscal year. The 'AAA' rating reflects: Strong debt service coverage by pledged revenues and the expectation of maintenance of strong coverage; Good historical growth in pledged revenues with significant volatility associated with the individual revenue streams, but relative stability when all revenues are considered; A retention policy that provides debt service funds
