...S&P Global Ratings assigned its '###' rating to Denver City & County's (the city) general obligation (GO) bonds series 2020A and B. The outlook is stable. At the same time, S&P Global Ratings affirmed its '###' rating on the city's GO bonds outstanding and its '##+' long-term rating and underlying rating (SPUR) on various city certificates of participation (COPs) and lease-secured obligations. We also affirmed our '##+' rating on debt issued by the Denver Housing Authority but secured by a pledge from Denver to annually levy and appropriate an affordable housing millage that will support the debt. Proceeds from the 2020A and B bonds will be used to fund the next phase of capital improvements in the city's Elevate Denver bond initiative that voters passed in 2017, and to refund outstanding debt. The bonds are secured by a full faith and credit pledge. Denver is eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in...
