Moody's Investors Service upgraded District of Columbia senior ballpark revenue bonds to A2 from A3 and subordinate bonds to A3 from Baa1 on Wednesday.
There is $512.8 million in debt affected.
"The upgrades reflect the strength of the ultimate pledge of the District-wide Ballpark Fee, a corporate income tax surcharge and the District's covenant to increase the fee as necessary to cover debt service," wrote Moody's vice president Nicholas Samuels and senior vice president Nicole Johnson.
"It also reflects a legal structure that permits the District's chief financial officer to implement such an increase without need for legislative approval," they wrote. "The nature and structure of the fee offset relatively low aggregate maximum annual debt service coverage compared to some special tax bonds that have greater economic sensitivity or that require legislative action to increase."
Moody's has a stable outlook on the bonds.
