Standard&Poor's Ratings Services assigned its 'AA' long-term rating to the District of Columbia's (the district) $43.0 million series 2012 federal highway grant anticipation revenue (GARVEE) bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the district's GARVEE bonds outstanding. The outlook is negative. The rating reflects our view of strong future 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 are not expected to have a debt
