Standard&Poor's Ratings Services raised its rating to 'AA/A-1+' from 'AA/A-1' on Colorado Springs' utility system subordinate-lien improvement revenue bonds series 2002C and affirmed its 'AA/A-1' rating on series 2005A, following the substitution of the individual standby bond purchase agreements (SBPAs) provided by Bank of America N.A. (A-1) enhancing each series of bonds to ones provided by The Bank of New York Mellon (A-1+) and Bank of Montreal (A-1) respectively. The SBPAs provide coverage for the purchase price of unremarketed tendered bonds, including up to 35 days' interest at an interest rate of 12% annually with respect to the series 2005A bonds and 10% annually with respect to the 2002C bonds. The SBPAs are each scheduled to terminate on
