The rating on Denver City and County, Colo.'s GO bonds, and on the Denver Board of Water Commissioners' bonds, issued for the city and county of Denver and secured by the city's general obligation as well as water revenues, is 'AA+'. The rating on the Board of Water's GO bonds reflects the stronger pledge of the city's GO, as evidenced in the following factors: A strong and diverse economy; Above-average wealth and income levels; Moderate debt levels; and Strong financial performance, aided by midyear budget cutting actions to offset recent revenue declines. These factors are offset slightly by state constitutional limitations on revenues, which will likely slightly "ratchet down" permissible revenues for general purposes after 2002. Denver serves as a
