The 'A-' Standard&Poor's underlying rating (SPUR) on District of Columbia's 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; and No additional bond being issued on parity with the Mandarin Oriental Hotel or Gallery Place projects. The bonds are secured by a doubled barrel pledge
