CUSIP 19661MDG3
- ISIN: US19661MDG33
- Entity Name: City of Colorado Springs
- Sector: Municipal
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Rating Upgrade
- News: S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to `AA` from `AA-` on Colorado Springs` certificates of participation (COPs) outstanding. At the same time, S&P Global Ratings assigned its `A` long-term rating to the city`s series 2018 Pikes Peak America`s Mountain Enterprise revenue bonds. The outlook is stable. The rating action on the COPs outstanding reflects our view of the city`s stable general fund performance and very strong debt profile. In addition, the city is well positioned for continued economic expansion given its relative affordability within the state and presence of economic anchors such as the U.S. Olympic Committee and multiple military bases. The COPs outstanding represent an interest in base rental payments made by the city, as lessee, for the use and possession of the leased assets. The city has covenanted to budget and appropriate rental payments under the lease agreement supporting the COPs. We note that the rating is one notch below the general creditworthiness of the city given the appropriation risk associated with the structure.
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US19661MDG33
