Summary: Denver Brd of Wtr Comr, CO; Tax Secured, General Obligation Jun 05

Standard & Poors, June 2005

Abstract
The 'AA+' rating on Denver City and County, Colo.'s GO bonds, including city GO bonds issued on behalf of the Denver Board of Water Commissioners, reflects: A large and diverse economy, Above-average wealth and income levels, Moderate debt levels, and Maintenance of a large fund balance position, the result of proactive midyear budget-cutting actions (the city has consistently met its commitment to maintain general fund reserves at a minimum of 10% of expenditures). These factors are offset by recent economic softness resulting in several consecutive years of decline in city sales tax collections, partially offset by property tax growth. In addition, prior voter-approved exemptions from the city's TABOR expenditure limit have expired. Due to lack of revenue growth, the city...

Companies mentioned in this report are: Denver Brd of Wtr Comr,Denver City & Cnty
Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Denver Brd of Wtr Comr,Denver City & Cnty

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