Standard&Poor's Ratings Services affirmed its 'BBB' long-term rating on Overland Park, Kan.'s Transportation Development District's (TDD) sales tax revenue bonds. The outlook is stable. The rating reflects our view of: The business risk associated with the project, the revenues for which derive solely from a single shopping mall; and The concentration in the pledged revenues as several large anchor tenants generate nearly half of the mall's retail sales. The factors are somewhat tempered by what we believe to be: A closed lien that prevents the issuance of additional bonds and a closed flow of funds that mandates that all surplus revenues be dedicated to paying off the debt; Strong per capita retail sales characteristics of the city, supported
