S&P Global Ratings assigned its 'AAA' rating to the District of Columbia's (DC, or the District) series 2025A (approximately $1.17 billion) and 2025B (approximately $301.1 million) income tax-secured revenue and revenue refunding bonds. At the same time, we affirmed our 'AAA' rating on the district's income tax revenue bonds outstanding, The outlook is stable. The rating reflects the application of our "Priority-Lien Tax Revenue Debt Criteria" (published Oct. 22, 2018, on RatingsDirect), which factors in both the strength and stability of pledged revenue and the general creditworthiness of the municipality. Securing the bonds is a pledge of the trust estate, including a first lien on available tax revenue, consisting of income tax revenue. Proceeds from the series 2025A will fund
