S&P Global Ratings revised the outlook to negative from stable and affirmed its 'AAA' long-term rating on Denver City and County, Colo.?s outstanding general obligation (GO) bonds and its 'AA+' long-term rating on the city's various certificates of participation (COPs) and lease-secured obligations. At the same time, S&P Global Ratings assigned its 'AAA' long-term rating to Denver City and County?s anticipated $217.575 million series 2026A and $192.5 million series 2026B Vibrant Denver GO bonds. Lastly, we affirmed our 'AA+' long-term rating on debt issued by the Denver Housing Authority (DHA) but secured by a pledge from Denver City and County to annually levy and appropriate an affordable housing millage to support the debt. The outlook revision reflects our view of