Summary: District of Columbia; Federal or State Grant Programs - S&P Global Ratings’ Credit Research

Summary: District of Columbia; Federal or State Grant Programs

Summary: District of Columbia; Federal or State Grant Programs - S&P Global Ratings’ Credit Research
Summary: District of Columbia; Federal or State Grant Programs
Published Dec 02, 2015
5 pages (2180 words) — Published Dec 02, 2015
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Standard&Poor's Ratings Services affirmed its 'AA' long-term rating on the District of Columbia's (the district) federal highway grant anticipation revenue (GARVEE) bonds outstanding. The outlook is stable. The rating reflects our view of strong debt service coverage (DSC) based on historical federal grant receipts and a sound bond structure. All federal highway revenues that the district receives are pledged to the payment of the bonds; in addition, the outstanding series 2011 bonds have a debt service reserve account equal to maximum annual debt service (MADS). The series 2012 bonds do not have a debt service reserve account. The rating also reflects our opinion of the following credit strengths: Strong MADS coverage of 12x based on the fiscal 2015

  
Brief Excerpt:

...Standard & Poor's Ratings Services affirmed its '##' long-term rating on the District of Columbia's (the district) federal highway grant anticipation revenue (GARVEE) bonds outstanding. The outlook is stable. The rating reflects our view of strong debt service coverage (DSC) based on historical federal grant receipts and a sound bond structure. All federal highway revenues that the district receives are pledged to the payment of the bonds; in addition, the outstanding series 2011 bonds have a debt service reserve account equal to maximum annual debt service (MADS). The series 2012 bonds do not have a debt service reserve account. The rating also reflects our opinion of the following credit strengths:...

  
Report Type:

Summary

Issuer
District of Columbia
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Summary: District of Columbia; Federal or State Grant Programs" Dec 02, 2015. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-District-of-Columbia-Federal-or-State-Grant-Programs-1490044>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: District of Columbia; Federal or State Grant Programs Dec 02, 2015. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-District-of-Columbia-Federal-or-State-Grant-Programs-1490044>
  
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