Standard&Poor's Ratings Services affirmed its 'AA/A-1' rating on Colorado Springs' variable-rate demand utilities system subordinate-lien refunding revenue bonds series 2004A following the substitution of the standby bond purchase agreement provider (SBPA) provided by Dexia Credit Local (A-1) with one provided by Citibank N.A. (A-1), effective Aug. 8, 2011. The SPBA provides liquidity coverage for 100% of outstanding par bonds at 35 days of interest at 12%. Should the bonds convert to any mode other than weekly, the SBPA will terminate and the bonds will be subject to mandatory tender. The SBPA is scheduled to terminate on Aug. 2, 2014, unless terminated for other events in accordance with its terms. Should the long-term rating on the bonds fall below
