...S&P Global Ratings assigned its '###' long-term rating to Denver City & County, Colo.'s series 2016 wastewater enterprise revenue bonds. At the same time, we affirmed the '###' rating on the system's outstanding revenue bonds. The rating reflects the combination of extremely strong enterprise and financial risk profiles based on the application of our criteria. The outlook is stable. While the bonds are secured by a first-lien pledge on the net revenues of the consolidated city-county government's wastewater collection and stormwater enterprise fund, we understand that bond proceeds will be used primarily for the Platte to Park Hill stormwater project that will have flood control and water quality benefits to four major project areas. While management has chosen not to establish a debt service reserve fund for the series 2016 bonds, the system's financial profile, including extremely strong liquidity, precludes any credit concern. The system has a predominantly locally derived revenue base....
