Standard&Poor's Ratings Services lowered the short-term component of its rating on Colorado Springs' utility system subordinate-lien improvement revenue bonds series 2002C and 2005A to 'A-1' from 'A-1+', following the substitution of the individual standby bond purchase agreements (SBPAs) enhancing each series of bonds to ones provided by Bank of America N.A. (A+/A-1) from SBPAs provided by State Street Bank and Trust Co. (AA/A-1+). The long-term component of the rating remains at 'AA'. The SBPAs provide coverage for the purchase price of unremarketed tendered bonds, including up to 35 days' interest at an interest rate of 12% annually, with respect to the series 2005A bonds, and 10% annually, with respect to the series 2002C bonds. The SBPAs are each
