The 'A-' rating on the District of Columbia tax increment revenue bonds (parity issues for Mandarin Oriental Hotel and Gallery Place projects) reflects: The large size of the tax increment financing (TIF) area, $13.8 billion of commercial property, representing a large portion of the downtown central business district and city's downtown business activity; Moderate volatility in the base and increasing diversity; The added strength of pledged sales tax increment revenue, with retail sales tax increment within the district responsible for 44% of the sales tax collection in the entire city; No additional bonds being issued on parity with the Mandarin Oriental Hotel or Gallery Place projects; and A strong additional projects test, under which the incremental revenues must be able
