The 'AAA' rating on Colorado Water Resource and Power Development Authority's clean water revenue bonds series 2005B is based on the state revolving fund program's ability to meet Standard&Poor's Ratings Services' default-tolerance criteria for an 'AAA' rated program based on cash flow tests for the combined drinking water and clean water (water pollution control) programs. The rating reflects: Drinking water and water pollution control loans through a surplus matching account; Sizable debt service reserves dedicated to the borrowers' loans funded at a minimum of maximum annual debt service, coupled with surplus funds at the program level that can be used to cure any loan defaults or reserve deficiencies; and The stable credit quality of the borrowers under the
