Standard&Poor's Ratings Services affirmed its 'BBB' rating on District of Columbia's (D.C.) baseball park revenue bonds. The outlook is stable. The rating reflects our view of: The bonds' cross-collateralization whereby excess revenues from the various pledged sources can pay debt service; A somewhat limited collection history based on collections since 2005; Adequate maximum annual debt service (MADS) coverage of 1.23x for 2011 that is projected to remain at least 1.23x for 2012; and Additional security of a $20 million stabilization fund, funded from excess revenues in addition to the surety-funded debt service reserve fund (DSR). Offsetting factors include: A weak additional bonds test of 1.15x; and Pledged tax revenue stream that is highly dependent on stadium events. The
