Standard&Poor's Ratings Services affirmed its 'AA-' rating on Denver City&County, Colo.'s series 2002A single-family home mortgage revenue bonds. The bonds are secured by Ginnie Mae mortgage-backed securities. The outlook is stable. The rating reflects our view of: Extremely strong investment quality; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The investments held pursuant to a guaranteed investment contract (GIC) with Transamerica Life Insurance Co. (AA-/Stable); and A 160.74% asset-to-liability ratio as of March 17, 2015. The rating on the bonds is capped at 'AA-', reflecting the rating on Transamerica Life Insurance Co. If the security prepays, we believe there are
