District Gets Second Upgrade, and Officials See a Third on the Horizon

Vadum, Matthew
June 2003
Bond Buyer;6/24/2003, Vol. 344 Issue 31663, p5
Trade Publication
Credit rating company Standard & Poor's upgraded the District of Columbia's general obligation bond rating to A-minus from BBB-plus on June 23, 2003 and feeding speculation that a third upgrade is imminent. The two upgrades coming one business day apart prompted Natwar M. Gandhi, the district's chief financial officer, to say confidently that it is a foregone conclusion that the other major rating agency, Moody's Investors Service Inc. will soon follow suit. Although there is no guarantee that Moody's will hike the GO rating, the assignment of a positive outlook on a bond rating is generally a precursor to an upgrade at some point in the future.


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