The rating on the District of Columbia's bonds, issued for American Geophysical Union is raised to reflect continued improvement in liquidity, good operating margins, and strong coverage of outstanding debt along with: * Its long operating history, * Good growth in memberships and a stable subscriptions base, and * Manageable debt burden. A high rating is precluded by American Geophysical Union's narrow focus and strong competition for publishing revenue from other organizations. In fiscal 1997, about 63% of total revenues was derived from publishing. Industry changes in the availability of and costs associated with on-line publishing are expected to be significant. American Geophysical Union, founded in 1919, is a non-profit scientific society dedicated to advancing the understanding of Earth and
