S&P Global Ratings assigned its 'AAA' long-term rating to the Colorado Water Resources&Power Development Authority's series 2017A drinking water revenue bonds. We also affirmed our 'AAA' long-term rating on the authority's previously issued clean and drinking water senior- and subordinate-lien bonds. The outlook on the ratings is stable. Despite the subordinate-lien bonds not having any pledged debt service reserves, monies released from these reserves, together with direct loan repayments, are pledged to the subordinate bonds. Releases occur annually and, after paying subordinate debt service, remaining funds are used to make additional direct loans. The 'AAA' ratings reflect the following characteristics: An extremely strong enterprise risk profile, given that the pool has ongoing support from multiple levels of government
