Summary: Colorado Springs, Colorado; Appropriations

S&P Global Ratings assigned its 'AA-' long-term rating to Colorado Springs, Colo.'s series 2017 refunding certificates of participation (COPs). At the same time, we affirmed our 'AA-' rating on the city's COPs outstanding. The outlook is stable. The 2017 COPs represent an interest in base rental payments made by the city, as lessee, to U.S. Bank N.A., as lessor, for the use and possession of the leased assets, which are the police operations center, and a fire station. The city has covenanted to budget and appropriate rental payments under the lease agreement supporting the COPs. We note that the ratings are one notch off the GO rating due to the additional appropriation risk associated with the security structure. We understand

...S&P Global Ratings assigned its '##-' long-term rating to Colorado Springs, Colo.'s series 2017 refunding certificates of participation (COPs). At the same time, we affirmed our '##-' rating on the city's COPs outstanding. The outlook is stable. The 2017 COPs represent an interest in base rental payments made by the city, as lessee, to U.S. Bank N.A., as lessor, for the use and possession of the leased assets, which are the police operations center, and a fire station. The city has covenanted to budget and appropriate rental payments under the lease agreement supporting the COPs. We note that the ratings are one notch off the GO rating due to the additional appropriation risk associated with the security structure. We understand the 2017 COPs will be used to refinance the city's outstanding 2009 COPs. The rating reflects our view of the city's:...

Summary