Standard&Poor's Ratings Services revised its outlook to positive from stable on the District of Columbia's (D.C.) baseball park revenue bonds due to strong growth in fiscal 2014 pledged revenue providing good debt service coverage. At the same time, Standard&Poor's affirmed its 'BBB' long-term rating and underlying rating (SPUR) on the bonds. 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; Good maximum annual debt service (MADS) coverage of 1.4x for 2014; and A $20 million stabilization fund, funded from excess revenues in addition to the surety-funded debt service reserve (DSR) fund. Offsetting factors include:
