Summary: Colorado Springs, Colorado; Combined Utility

S&P Global Ratings assigned its 'AA+' rating to the City of Colorado Springs, Colo.'s utilities system revenue refunding bonds series 2019A. 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 2000A variable-rate, subordinate-lien revenue bonds. The combined utility had about $2.3 billion in debt outstanding as of Dec. 31, 2018. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities" criteria (published Sept. 27, 2018). The rating further reflects our view of CSU's capacity to almost entirely fund its sizable capital plan with operating margins and cash on hand, projections of what we consider to

...S&P Global Ratings assigned its '##+' rating to the City of Colorado Springs, Colo.'s utilities system revenue refunding bonds series 2019A. 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 2000A variable-rate, subordinate-lien revenue bonds. The combined utility had about $2.3 billion in debt outstanding as of Dec. 31, 2018. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities" criteria (published Sept. 27, 2018). The rating further reflects our view of CSU's capacity to almost entirely fund its sizable capital plan with operating margins and cash on hand, projections of what we consider to be extremely strong fixed-charge coverage (FCC), and its continued progress in reducing its coal exposure, which we believe is sustainable. Finally, the rating reflects our opinion of the system's very strong enterprise...

Summary