Summary: Denver City&County, Colorado; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' rating to Denver City and County's series 2018A and 2018B general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the city's GO bonds outstanding and its 'AA+' rating and underlying rating (SPUR) on various city certificates of participation (COPs) and lease-secured obligations. The outlook is stable. The GO bonds are secured by Denver's full faith and credit pledge. The bonds are payable from general ad valorem taxes required to be levied on all the taxable property within the city, without limitation as to rate and in an amount sufficient to pay principal and interest. Denver is eligible to be rated above the sovereign because we believe the

...S&P Global Ratings assigned its '###' rating to Denver City and County's series 2018A and 2018B general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '###' rating on the city's GO bonds outstanding and its '##+' rating and underlying rating (SPUR) on various city certificates of participation (COPs) and lease-secured obligations. The outlook is stable. The GO bonds are secured by Denver's full faith and credit pledge. The bonds are payable from general ad valorem taxes required to be levied on all the taxable property within the city, without limitation as to rate and in an amount sufficient to pay principal and interest. Denver is eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria " Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions, Nov. 19, 2013," U.S. local governments are considered to have moderate sensitivity...

Summary