NEW YORK (Standard&Poor's CreditWire) Oct. 22, 1999--Standard&Poor's today assigned its double-'A'-minus/'A-1'-plus rating to Colorado Educational and Cultural Facilities Authority's $8.38 million variable-rate demand revenue bonds series 1999, issued on behalf of Naropa University. The bonds are scheduled to sell Oct. 29, 1999. The rating is based upon a direct-pay letter of credit (LOC) provided by Norwest Bank. No LOC is required for bonds bearing interest in the fixed rate mode; thus, upon conversion of the bonds to the fixed rate mode, Standard&Poor's will withdraw the rating. The bond proceeds will be used to refinance existing obligations that were incurred to improve facilities on the university's main campus and to finance renovations to educational facilities
