S&P Global Ratings assigned its 'AA' long-term rating to the Town of Frederick , Colo.?s estimated $44 million series 2025 certificates of participation (COPs). The outlook is stable. The rating reflects the application of our " Methodology For Rating U.S. Governments ," published Sept. 9, 2024. Lease payments made by the town as lessee, to UMB Bank, N.A., as lessor and trustee, for the use and possession of the leased asset secures the COPs. We have reviewed the lease under our criteria and view the terms as standard. The town has covenanted to budget and appropriate funds for the bonds' repayment and has considered the affordability of the lease payment in its long-term plans. The COPs will not have a
