S&P Global Ratings assigned its 'AAA' long-term rating to the Colorado Water Resources&Power Development Authority's series 2016A clean water refunding revenue bonds. We also affirmed our 'AAA' long-term rating on the authority's previously issued clean and drinking water senior-lien bonds, and clean and drinking water 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 into the surplus matching account are pledged to the subordinate bonds. Releases occur annually, and, after paying subordinate debt service, remaining funds are held by the authority to make additional direct loans. The 'AAA' ratings reflect the following characteristics: An extremely strong enterprise risk profile, given that the
