S&P Global Ratings assigned its 'AA+' rating to the city of Colorado Springs, Colo.'s $40 million utilities system revenue refunding bonds series 2021A and $191.67 million utilities system improvement revenue bonds series 2021B. At the same time, S&P Global Ratings affirmed its 'AA+', 'AA+/A-1+', 'AA+/A-1', and 'AA+/A-2' 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. Proceeds of the 2021A bonds will refund CSU's series 2011A bonds, and 2021B bond proceeds will be used to finance various capital improvements to the utility system. The combined utility had about $2.28 billion in debt outstanding as of Dec. 31, 2020.
