...April 15, 2019 CENTENNIAL (S&P Global Ratings) April 15, 2019--S&P Global Ratings assigned its '###' rating to Denver City & County's series 2019A and 2019B general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '###' rating on the city's GO bonds outstanding and its '##+' rating and underlying rating (SPUR) on various existing city certificates of participation (COPs) and lease-secured obligations. The outlook is stable. Denver is eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, U.S. local governments are considered to have moderate sensitivity to country risk. The city's locally derived revenues are the source of security for the bonds, and the institutional framework in the U.S. is predictable with significant U.S. local government...
