The 'AA' rating on Colorado Springs, Colo.'s bonds reflects the following strengths of the city: Strong financial management, resulting in total coverage of about 2 times (x) on a historical and projected basis; Competitive rates in each of the city's four utility systems, A diverse mixture of resources in the electric system, which accounts for more than 50% of the utilities' operation, A stable regional economic base that absorbs much of the growth in the surrounding area. Concern over the a substantial capital improvement program, largely designed to acquire resources to accommodate the customer growth in the city's combined utilities offsets the above-mentioned strengths. The program will require significant debt issuance over the next 10 years. The bonds are secured
