S&P Global Ratings assigned its 'A-1' short-term rating to District of Columbia's series 2020 general obligation commercial paper (CP) notes. The rating reflects the support Barclays Bank PLC provides in the form of an irrevocable direct-pay letter of credit (LOC). The district can issue up to a maximum principal amount of $300 million of series 2020 notes with a maturity up to 150 days' interest but no later than one business day prior to the LOC's expiration. The aggregate principal amount plus interest accrued to maturity for 2019 and 2020 CP notes combined cannot exceed the LOC's available amount. The LOC provides an available amount of $500 million, sized up to 150 days' interest coverage at the maximum rate of
