Standard&Poor's Ratings Services affirmed its 'A' Standard&Poor's underlying rating (SPUR), with a stable outlook, on District of Columbia's certificates of participation. The SPUR reflects: The district's ('A+' general obligation (GO) debt rating) sound, fundamental credit quality; The district's history of making annual appropriations to pay lease debt and its absolute and unconditional obligation to make debt service payments upon appropriation; and The strong commitment at the city and federal oversight level to ensure the district appropriates to cover debt service obligations. The certificate rental payments are subject to annual appropriation; and upon appropriation, the obligation to pay debt service is absolute and unconditional. Each fiscal year, the mayor, or other district representative who is responsible for
