Standard&Poor's Ratings Services affirmed its 'AA' rating on Colorado Springs, Colo.'s GO debt and its 'AA-' underlying rating (SPUR) on the city's certificates of participation (COPs). The rating reflects the city's: Economic role as a service center for central Colorado, Sizeable property tax base, Low overall debt burden and rapid amortization of remaining debt, and Good financial policies and practices. Constraining credit factors include a pattern of reserves that is below average for this rating category. The GO bonds are secured by an unlimited ad valorem property tax pledge. The COPs are secured by base rental payments for the use of its Old City Hall. The city may not abate lease payments in the event of damage to
