...S&P Global Ratings assigned its '##+' rating to Denver City and County's series 2018A certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its '###' rating on the city's general obligation (GO) bonds outstanding and its '##+' rating and underlying rating (SPUR) on various existing city COPs and lease-secured obligations. The outlook is stable. The COPs represent an interest in base rentals paid by the City of Denver as lessee under an annually renewable lease purchase agreement. Denver will make base and additional rental payments as required directly to the trustee. We rate the COPs one notch lower than Denver's general creditworthiness (###/Stable GO rating) to reflect the appropriation risk associated with the lease payment. Denver has considered the affordability of the lease payment in its long-term plans, and in our view, the lease features and terms are standard, with no unusual risks regarding timely payment of debt. Denver is eligible to be rated...
