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DC Redevelopment Projects Receive Positive Bond Rating

DC Redevelopment Projects Receive Positive Bond Rating

Several of DC’s big redevelopment projects have received positive views on bond issues from the big ratings agencies. The Wharf, the 26-acre redevelopment at the Southwest Waterfront, received strong ratings from Fitch, Moody’s and S&P for its $143M bond issue. Fitch noted that the solid rating for the Wharf is a reflection of the continued resilience of the DC economy in spite of federal contraction. Bonds issued for CityMarket, Gallery Place and the Mandarin Oriental also received outlook upgrades. The ratings are viewed as a good sign for the city’s economy and would lower costs if DC decided to refinance. [WBJ]