Standard&Poor's Ratings Services affirmed its 'AA/A-1' rating on Colorado Springs' series 2004A variable-rate utility system subordinate lien revenue refunding bonds, issued for Colorado Springs Utilities. The outlook is stable. The affirmation reflects a new standby bond purchase agreement (SBPA) from Bank of America N.A. (A-1), substituting a prior SBPA provided by Citibank N.A. (A-1). The long-term component of the rating is based on the rating on the obligor, Colorado Springs. The short-term component of the rating is based on the rating on the SBPA provider, Bank of America N.A. The SBPA covers payment of principal and up to 35 days' interest at the maximum 12% rate for the purchase price of tendered bonds that are not successfully remarketed
