...S&P Global Ratings assigned its '##+' long-term rating to the District of Columbia's (DC) series 2019A general obligation (GO) debt and affirmed its '##+' rating on the District's GO debt outstanding. The outlook on all ratings is stable. The District's GO bonds are secured by DC's full-faith-and-credit pledge, including a real property tax that DC levies annually, without limitation as to rate or amount, in amounts sufficient to pay debt service on all of the District's GO debt outstanding. The District has entered into a collection agreement whereby Wells Fargo Bank N.A., acting on behalf of the District, collects all real property tax payments. Proceeds of the series 2019A GO bonds will be used to support DC's overall capital improvements plan (CIP). Despite starting 2019 with a five-week federal shutdown, the longest in history, District management indicates its operations and finances were relatively unaffected and it should be able to absorb the lost revenue, which equals less than...
