Standard&Poor's Ratings Services assigned its 'AA-' rating to Colorado Springs, Colo.'s certificates of participation (COPs) series 2008A. In addition, Standard&Poor's affirmed its 'AA' GO rating and its 'AA-' underlying rating (SPUR) on the city's outstanding appropriation obligations, including those issued by the Colorado Springs Recreation Facilities Authority. The city's absolute and unconditional obligation to budget and appropriate base rental payments under successive one-year leases secures the series 2008A certificates. Credit strengths influencing these ratings include the city's: Economic stability from its role as a service center for central Colorado and a large military presence; Good financial policies and practices; and Low debt burden. Constraining credit quality is the city's limited revenue flexibility and a recent downturn
