Standard&Poor's Ratings Services assigned its 'SP-1+' rating to District of Columbia's fiscal 2012 general obligation (GO) tax revenue anticipation notes (TRANs). The rating reflects our view of the district's: Good underlying general credit characteristics ('A+' GO debt rating), Strong projected debt service coverage (DSC) of 1.6x at maturity, and Strong historical and projected liquidity. We believe the district's recent general fund reserve reductions somewhat offset these factors. The notes are a GO of the district; its full-faith-and-credit pledge secures the notes. Officials intend to use note proceeds to fund seasonal cash needs during fiscal 2012; the notes will mature on Sept. 28, 2012. The district's fiscal 2012 cash projections reflect the most-recent approved fiscal 2012 budget and financial
