Standard&Poor's Ratings Services assigned its 'A-1' short-term rating to Colorado Springs, Colo.'s $150 million series A and B utilities system commercial paper (CP) notes. The rating reflects our view of credit and liquidity support for the notes in the form of an irrevocable direct-pay letter of credit (LOC) issued by Bank of America N.A. (A-1). The LOC fully supports all CP note payment obligations. When evaluating the notes, we consider the following risk factors: The LOC covers up to 270 days of interest accruals at a maximum 12% rate and the entire note principal amount. We believe LOC coverage is sufficient to pay interest and principal, even when assuming maximum interest rate accruals. The transaction structure is such
