S&P Global Ratings affirmed its 'BBB+' underlying rating on the District of Columbia's (D.C.) baseball park revenue bonds. The outlook is stable. The bonds are secured by a combination of pledged revenues, including Major League Baseball (MLB) rents, a stadium tax, a utility tax, and ballpark fee revenues. The rating reflects our view of: Good maximum annual debt service (MADS) coverage of nearly 1.8x based on 2016 pledged revenues, following the prepayment of $88 million of debt outstanding in May 2016 as well as $11.5 million in January 2017 with excess revenues; and A stabilization fund, funded with excess revenues in addition to a surety-funded debt service reserve (DSR) fund. Offsetting factors include: A weak additional bonds test of 1.15x,
