Standard&Poor's Ratings Services assigned its 'A-/Stable' issuer credit rating (ICR) to the Colorado School of Mines Foundation. Standard&Poor's also affirmed its 'A-/A-1' rating on the Colorado School of Mines Development Corp.'s (CSMDC) $10.36 million refunding variable-rate demand bonds, series 2005, issued for the foundation. The short-term rating is based on a standby bond purchase agreement (SBPA) provided by The Bank of New York (AA-/A-1+) and is capped at 'A-1' based on the correlation to the long-term rating. The foundation expects the 2005 bonds to be defeased from proceeds from the Colorado School of Mines (CSM) series 2009A issuance. The long-term rating and ICR reflect the foundation's: Sole purpose of supporting CSM (A); Operating agreement that ensures
