Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating and underlying rating (SPUR) on Colorado Springs, Colo.'s sales and use tax revenue bonds outstanding. The outlook is stable. The ratings reflect our view of: The strong legal provisions and the need for a public vote to issue additional parity debt; The city's very strong coverage of maximum annual debt service (MADS) in fiscal 2011, at 15.4x; The city's dependence on sales and use tax revenues for general operations, which serves as a practical constraint on additional borrowing; and The city's economic stability due to its role as a service center for central Colorado and a large military presence. The bonds are secured by a lien on sales and use
