The 'BBB' rating on District of Columbia's certificates of participation (COPs) reflects: The district's solid 'BBB+' rated credit quality; The district's history of making annual appropriations to cover its COP debt; The strong essentiality of the project, which is the location of the district's consolidated office facility; and The absolute and unconditional pledge on the part of the district to make debt service payments upon annual appropriation. The office facility, purchased in 1993, is located at the Judiciary Square Metro station, two blocks from Pennsylvania Avenue and the Mall. It contains 11 floors and 546,000 square feet, provides 400 parking spaces in two below-ground levels, and houses 18 city offices, including the mayor's office. The lease agreement for the COPs
