Bonds

Moody's Investors Service ("Moody's") has assigned a P-1 letter of credit-backed rating to District of Columbia Fiscal Year 2020 General Obligation Notes (Federally Taxable) (2020 GO Notes).

RATINGS RATIONALE:

Barclays Bank PLC (the Bank) currently provides a letter of credit (LOC) which supports the Series 2019 Notes. Such LOC has been amended to support the 2020 GO Notes (Series 2019 and GO 2020 Notes collectively, the Notes). The rating on the Notes is be based on (i) the LOC provided by the Bank, (ii) the structure and legal protections of the transaction which provide for timely payment of principal and interest to Note holders, and (iii) our evaluation of the credit quality of the Bank issuing the LOC. Moody's current short-term Counterparty Risk (CR) Assessment of the Bank is P-1(cr).

Related to the following bonds:

Tax Increment Revenue Bonds, Series 2011 (City Market at O Street)

Tax Increment Revenue Bonds, Series 2012 (Gallery Place Project)

Southwest Waterfront Project Revenue Bonds, Series 2015 (federally taxable) (The Wharf Project)

Tax Increment Revenue Bonds, Series 2019 (Bryant Street Project)

Fitch has assigned a rating of 'F1’ to the Fiscal Year 2020 General Obligation Notes.  The rating is based on the support of an amended irrevocable direct-pay letter of credit (LOC) provided by Barclays Bank PLC (Barclays, rated ‘A+/F1’/Rating Watch Negative), which has a stated expiration date of April 29, 2022, unless such date is further extended or any prior termination of the LOC.

Rating applies to the following Tax Increment Revenue bonds:

Southwest Waterfront Project Area

Mandarin Oriental Project Area

City Market at O Street Project Area

Gallery Place Project Area

Bryant Street Project Area

S&P Global Ratings assigned its 'A-1' short-term rating to District of Columbia's series 2020 general obligation commercial paper (CP) notes.  The rating reflects the support Barclays Bank PLC provides in the form of an irrevocable direct-pay letter of credit (LOC).