The rating on District of Columbia, D.C.'s bonds, issued for Association of American Medical Colleges, reflects: * The association's monopoly on the services it provides, specifically medical school entrance testing and medical school accreditation; * Continued generation of healthy operating surpluses; and * Significant financial strength in the form of unrestricted fund balances. A higher rating is precluded by a moderately high debt burden that has increased in tandem with an increase in unrestricted resources as well as the concentrated nature of Association of American Medical Colleges' activities and revenue, which are all health-related. All bonds are secured by a GO pledge plus a security interest in unrestricted revenue. The short-term rating is based on a standby bond purchase agreement
