The 'AAA' rating on Colorado Water Resources and Power Development Authority's clean water revenue bonds, series 2007A, is based on the state revolving fund program's ability to meet Standard&Poor's Ratings Services' default tolerance criteria for an 'AAA' rated program based on cash flow tests for the combined drinking water and clean water (water pollution control) programs. Standard&Poor's also affirmed its 'AAA' rating on the authority's outstanding debt. The rating reflects: Drinking water and water pollution control loans through a surplus matching account; Sizable debt service reserves dedicated to the borrowers' loans funded at a minimum of maximum annual debt service (MADS), coupled with surplus funds at the program level that can be used to cure any
