Standard&Poor's Ratings Services affirmed its 'AA-' Standard&Poor's underlying rating (SPUR), and stable outlook, on Colorado Springs Public Facilities Authority, Colo.'s certificates of participation (COPs), issued for Colorado Springs, Colo. The SPUR reflects: The very strong general creditworthiness of Colorado Springs; The annual appropriation risk for lease payments; and The project's strong essentiality -- the refurbishment of an existing building to house city officials and staff. The city's base rental payments secure the certificates. Under the lease agreement with the authority, the officer of the city, who is responsible for formulating budget proposals, is directed to include money to cover base rental payments in each annual budget proposal as long as the lease is in effect. The
