The rating on District of Columbia's outstanding GO bonds has been raised to 'A-' from 'BBB+' reflecting improved management systems leading to sound financial operations and position, and a trend of steady commercial and residential investment resulting in strong tax base growth. The district has been able to maintain structurally balanced operations and fully funded reserves during difficult economic and financial times. Other rating factors include: A diversifying regional employment center anchored by the federal government, services, and tourism; Improved financial management as evidenced by six consecutive years of operating surpluses (through fiscal 2002) and the balancing of the fiscal 2003 budget through both expenditure cuts and revenue enhancements; Strong liquidity maintained during a period of economic uncertainties; and An
