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. This was the district's first issuance of GARVEE bonds. The outlook is stable. The rating reflects our view of very 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 bonds have a debt service reserve account equal to maximum annual debt service (MADS). The rating also reflects our opinion of the following credit strengths: Very strong MADS coverage of 20x based on the 2011 obligation authority, along with essentially
