In a related development, Moody's Investor Service assigned abond rating of "Aa3 with a stable outlook" to CCD's nearly $17.3million in series 2004 business improvement assessment bonds. Theassessment is based on "the value of the district property, thehigh level of debt service coverage, and the assessment collectionmechanics," according to a Moody's statement.

The bonds are secured by special assessments on the propertywithin the district and the proceeds will be used to refund series1995 bonds in order to extend the maturities to 2025. Moody'srating for CCD also notes that CCD bills property owners directlyand is separate from the City and the school district bonds whichMoody's has rated "Baa1/negative outlook," and "Ba2",respectively.

CCD was founded in 1990 at the behest of more than 2,000property owners, commercial tenants, Center City employers and thecity to improve the safety and esthetics of Downtown. It has nowreceived two reauthorizations, and its involvement extends tomarshalling remodeling efforts. The latest authorization enables itto take advantage of low interest rates to refinance improvementprojects.