Standard&Poor's Ratings Services affirmed its 'AA-' underlying rating (SPUR) on Colorado Springs Recreation Facilities Authority, Colo.'s certificates of participation (COPs). The City of Colorado Springs' ('AA/Stable' GO rating) base rental payments secure the certificates. Under the lease agreement, 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 rating reflects the city's: Economic role as a service center for central Colorado, Sizeable property tax base, A pattern of reserves that is below average for this rating category, Low overall debt burden and rapid amortization of remaining debt, and Good financial policies and
