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 Feb 24, 2017
5 pages (2203 words) — Published Feb 24, 2017
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

S&P Global Ratings has affirmed its 'AA' long-term rating on the District of Columbia (D.C.) 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 the district receives are pledged to the bonds' payment; in addition, the series 2011 bonds outstanding 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 11.5x based on the fiscal 2016 obligation authority; A memorandum of

  
Brief Excerpt:

...S&P Global Ratings has affirmed its '##' long-term rating on the District of Columbia (D.C.) 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 the district receives are pledged to the bonds' payment; in addition, the series 2011 bonds outstanding 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:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Summary: District of Columbia; Federal or State Grant Programs" Feb 24, 2017. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-District-of-Columbia-Federal-or-State-Grant-Programs-1806188>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: District of Columbia; Federal or State Grant Programs Feb 24, 2017. 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-1806188>
  
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