Summary: Colorado Springs, Colorado; Combined Utility

Standard&Poor's Ratings Services lowered the short-term component of its rating on Colorado Springs, Colo.'s series 2002C variable-rate demand utility system senior-lien improvement revenue bonds to 'A-1' from 'A-1+'. The long-term component of the rating remains at 'AA'. At the same time, Standard&Poor's affirmed its 'AA/A-1' rating on Colorado Springs' series 2005A variable-rate demand utility system senior-lien improvement revenue bonds. The outlook, applicable solely to the long-term components of the ratings, is stable. These actions reflect new enhancements for both bond series in the form of standby-bond purchase agreements (SBPAs) from Mizuho Bank Ltd. (A-1), substituting prior SBPAs provided by Bank of Montreal (A-1) for the 2005A bonds, and The Bank of New York Mellon (A-1+) for

...Standard & Poor's Ratings Services lowered the short-term component of its rating on Colorado Springs, Colo.'s series 2002C variable-rate demand utility system senior-lien improvement revenue bonds to 'A-1' from 'A-1+'. The long-term component of the rating remains at '##'. At the same time, Standard & Poor's affirmed its '##/A-1' rating on Colorado Springs' series 2005A variable-rate demand utility system senior-lien improvement revenue bonds. The outlook, applicable solely to the long-term components of the ratings, is stable. These actions reflect new enhancements for both bond series in the form of standby-bond purchase agreements (SBPAs) from Mizuho Bank Ltd. (A-1), substituting prior SBPAs provided by Bank of Montreal (A-1) for the 2005A bonds, and The Bank of New York Mellon (A-1+) for the 2002C bonds. The new SBPAs will cover the purchase price of unremarketed tendered bonds, including up to 35 days' interest at annual interest rates of 12% and 10% for the 2005A and 2002C bonds,...

Summary