Standard&Poor's Ratings Services has assigned its 'AAA' long-term rating and stable outlook to the District of Columbia's series 2014B (adjusted SIFMA rate) income tax-secured revenue refunding bonds, and affirmed its 'AAA' rating on the district's existing parity debt. The rating reflects our view of the district's: Very strong historical coverage of maximum annual debt service (MADS), which we expect to be maintained even as the district issues additional parity debt; and Strong bond provisions, including a two-prong additional bonds test. Offsetting rating factors include continuing exposure to rollover risk given the district's intent to roll over its Securities Industry and Financial Markets Assn. (SIFMA) notes before the stated maturity dates, and projected growth in the income tax-secured debt
