(Washington, DC) Chief Financial Officer Natwar M. Gandhi today announced that the District of Columbia has issued $400 million of tax revenue anticipation notes (TRANs). The interest yield on the District's TRANs was 1.09 percent. Last year's yield was 3.13 percent.

Gandhi said, "We are very pleased that, despite recent market disruptions, the notes priced at a very favorable interest rate and there was a very strong demand." Gandhi added that the current challenges in the economy and the financial markets contributed to a decline in interest rates, which made it possible for the District to issue these notes at a very low interest cost.

"The District’s favorable credit standing on Wall Street is also a significant factor," Gandhi stated.   

The District of Columbia issues TRANs every year in order to meet the normal timing gap between spending requirements and revenue receipts.

The District's TRANS are rated F1+ by Fitch Ratings, MIG 1 by Moody's Investors Service, and SP-1+ by Standard and Poor’s. These are the highest short-term ratings available.