Standard&Poor's Ratings Services lowered its rating on Colorado Springs' variable-rate demand utilities system improvement revenue bonds series 2008A to 'AA/A-1' from 'AA/A-1+'. The outlook is stable. The bonds are secured by a pledge of net revenues of Colorado Springs Utilities' electric, gas, water, wastewater, and streetlight systems. The short-term component of the rating represents our opinion of the likelihood of payment of tenders and a substitute liquidity facility provided by Bank of America N.A. (A-1). The standby bond purchase agreement (SBPA) provider's obligation to purchase unremarketed tendered bonds will be terminated or suspended without notice to the bondholders upon the occurrence of various events in the SBPA. Additionally, the bonds may be called due to optional or mandatory
