Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'A' from 'A-' on Denver City and County, Colo.'s series 2005A and 2009A excise tax revenue refunding bonds. The raised rating reflects the pledged revenue growth and improved coverage. The outlook is stable. The rating reflects our view of: The large and diverse economic base of the city of Denver, which generates the pledged taxes; The city's position as a tourist and convention destination; and Strong coverage of maximum annual debt service (MADS). In our opinion, the preceding credit factors are offset in part by: The inherent volatility within the tourist-related industries that contribute to the pledged tax revenues, and A somewhat permissive additional bonds revenue test that allows
