Summary: Colorado Springs, Colorado; Combined Utility

S&P Global Ratings affirmed its 'AA+/A-1' ratings on the City of Colorado Springs, Colo.'s Variable Rate Demand Utilities System Subordinate Lien Revenue Bonds Series 2005A. The outlook is stable. The short-term component of the rating reflects our assessment of the new liquidity facility in the form of a standby-bond-purchase agreement (SBPA) from Bank of America N.A., substituting for a prior SBPA provided by Mizuho Bank Ltd., effective Sep. 13, 2019. The long-term rating reflects the rating on the obligor, the City of Colorado Springs. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 35 days' interest for the bonds at an interest rate of 12% annually. The new SBPA terminates Sept. 13, 2024. At

...S&P Global Ratings affirmed its '##+/A-1' ratings on the City of Colorado Springs, Colo.'s Variable Rate Demand Utilities System Subordinate Lien Revenue Bonds Series 2005A. The outlook is stable. The short-term component of the rating reflects our assessment of the new liquidity facility in the form of a standby-bond-purchase agreement (SBPA) from Bank of America N.A., substituting for a prior SBPA provided by Mizuho Bank Ltd., effective Sep. 13, 2019. The long-term rating reflects the rating on the obligor, the City of Colorado Springs. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 35 days' interest for the bonds at an interest rate of 12% annually. The new SBPA terminates Sept. 13, 2024. At such time, if the SBPA is not replaced or extended, we will remove the short-term component of the bond rating. The new SBPA only enhances the bonds in the weekly interest-bearing-rate mode (the covered mode). The SBPA provider's obligation to purchase...

Summary