Standard & Poor's Ratings Services raised its underlying rating (SPUR) on prior-lien water revenue bonds issued by Denver City and County, Colo. and Denver Board of Water Commissioners to 'AA+' from 'AA' based on the closure of the prior-lien to additional parity bond issuances and the high current coverage of prior-lien debt service by historical net revenues of the water system. At the same time, Standard & Poor's assigned its 'AA' rating to the board's new series 2007A master resolution water revenue bonds. These bonds are secured by a second lien on net revenues of the board's water system and will fund ongoing capital improvements related to upgrades in water quality. In addition, Standard & Poor's affirmed its 'AA-' rating...
Companies mentioned in this report are:
- Denver City & Cnty
- Denver Brd of Wtr Comr
Action: New Rating
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Research Type: Full Analysis