Standard&Poor's Ratings Services lowered its rating to 'BBB-' from 'BBB' on Colorado Educational and Cultural Facilities Authority's series 2002 revenue bonds, issued for Public Broadcasting of Colorado, which does business as Colorado Public Radio (CPR). The outlook is stable. The rating revision reflects the significant increase in debt, although subordinated debt, of $8.2 million; and limited and decreasing financial resources, with cash and investments ($2 million) equal to just 24% of operating expenses and 16% debt (including a non-rated subordinated obligation). The rating is supported by: A strong business position and limited competition from other non-commercial stations in Colorado; A professional and stable management team that has a history of strong operating performance; and Strong security provisions, including
