...March 12, 2021 CENTENNIAL (S&P Global Ratings) March 12, 2021--S&P Global Ratings assigned its '##-' rating to City and County of Denver's dedicated tax revenue bonds series 2021A and affirmed its '##-' rating on Denver's parity debt outstanding. The outlook remains negative, given ongoing weakness in pledged revenue caused by the effects of the pandemic, specifically social distancing. Bond proceeds will be used to develop the National Western Center campus, home of the National Western Stock show, and to fund an expansion of the Colorado Convention Center. After many years of annual revenue growth, during the pandemic pledged tax collections are projected to have fallen 56% in 2020 to $69.5 million from $158.3 million in 2019; this is the first decline in pledged revenue since 2009. Year-over-year revenue collections were down 80% in June 2020, and had been improving each month until falling again in December. The city attributes the December drop to increased social distancing restrictions...
