Standard&Poor's Ratings Services affirmed its 'AA/A-1+' rating on District of Columbia's series 2002D multimodal general obligation (GO) bonds following the cancellation of the existing bond insurance policy provided by MBIA and the substitution of a Dexia Crédit Local (AA/A-1+) standby bond purchase agreement with a new irrevocable, direct-pay letter of credit (LOC), also provided by Dexia. Standard&Poor's also assigned its 'A+' Standard&Poor's underlying rating (SPUR), and stable outlook, to the district's series 2002D GO multimodal variable-rate bonds. The 'A+' SPUR reflects the district's: Healthy and diverse economy, anchored by the federal government, military contractors, services, and tourism, as well as its role as a regional employment center; Sizable and growing property tax base that
