...S&P Global Ratings assigned its '##' rating to the City of Colorado Springs, Colo.'s utilities system revenue refunding bonds series 2018A-1, 2018A-2, 2018A-3, and 2018A-4. At the same time, S&P Global Ratings affirmed its '##', '##/A-1+', and '##/A-1' ratings on the system's parity debt outstanding. The outlook is stable. A pledge of net revenues of Colorado Springs Utilities' (CSU) electric, gas, water, wastewater, and streetlight systems secures the bonds. Bond proceeds will refund CSU's series 2008B bond, refund its 2006A and 2007B variable-rate bonds, as associated swaps will be terminated, fix out about $45 million of commercial paper notes, and fund approximately $65 million in new capital projects. Total debt outstanding amounted to $2.3 billion, as of fiscal year-end 2017. The '##' rating reflects what we consider to be the following credit strengths: + Financial metrics that support the rating, including very strong coverage of fixed costs and substantial liquidity; + Generally...
