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 2014 obligation
