Standard&Poor's Ratings Services has assigned its 'AAA' long-term rating and stable outlook to the District of Columbia's series 2015A (adjusted Securities Industry and Financial Markets Association [SIFMA] rate) income tax-secured revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AAA' rating on the district's existing parity debt. The outlook is stable. 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 projected growth in the income tax-secured debt burden due to new issuances. Income tax and business franchise tax
