The rating on the District of Columbia's GO debt is based on the district's full faith and credit pledge and reflects improved financial and administrative factors, resulting largely from federal legislation affecting the district and expectations of strengthened management controls and reforms; economic development initiatives; and other factors that will lead to solid credit fundamentals over the long term. Other rating characteristics include debt pressures and an economy that is showing signs of coming out of a long-term decline. A critical component to the improvement in the district's creditworthiness was the implementation of the National Capital Revitalization and Self-Government Improvement Act of 1997. With this act, effective Oct. 1, 1997, the federal government assumed the majority of the district's unfunded
