Standard & Poor’s on Tuesday affirmed its BBB rating and stable outlook on Atlanta’s $85.5 million tax allocation refunding bonds, Series 2007, in light of the Georgia Supreme Court’s ruling this week that tax increment revenues cannot include taxes from local school districts.

The refunding related to the Atlantic Station Project in downtown Atlanta where the city used a tax allocation district, or TAD, to fund improvements. Georgia’s districts use what is commonly referred to as tax increment financings, or TIFs.

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