Standard&Poor's Ratings Services assigned its 'AA-' rating to Denver City and County, Colo.'s series 2016A and 2016B dedicated tax revenue refunding and improvement bonds. 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; The strong 1.75x additional bonds coverage test; and Strong 3.1x pro forma 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. The bonds are secured by a first lien on pledged revenue, which consists of
