Summary: District of Columbia; Miscellaneous Tax

S&P Global Ratings raised its rating on the District of Columbia's ball park revenue bonds to 'A-' from 'BBB+'. The outlook is stable. We base the upgrade on a track record of strong and stable revenues, well in excess of debt service, providing flexibility to prepay existing principal and resulting in improved coverage levels. We believe the resolution-based closed flow of funds which mandates that excess ballpark revenue funds be used to repay the ballpark bonds, as well as the lack of parity debt plans, support the 'A-' rating and stable outlook. The bonds are secured by a combination of pledged revenues (delineated below), including Major League Baseball (MLB) rents, sales taxes generated at the stadium, a utility tax, and

...S&P Global Ratings raised its rating on the District of Columbia's ball park revenue bonds to 'A-' from '###+'. The outlook is stable. We base the upgrade on a track record of strong and stable revenues, well in excess of debt service, providing flexibility to prepay existing principal and resulting in improved coverage levels. We believe the resolution-based closed flow of funds which mandates that excess ballpark revenue funds be used to repay the ballpark bonds, as well as the lack of parity debt plans, support the 'A-' rating and stable outlook. The bonds are secured by a combination of pledged revenues (delineated below), including Major League Baseball (MLB) rents, sales taxes generated at the stadium, a utility tax, and ballpark fee revenues. The rating reflects our view of: + Stable pledged revenue collections well above annual debt service amounts that have experienced good growth over the last decade; + A history of retiring principal prior to state maturity dates with excess...

Summary