S&P Global Ratings revised its outlook to stable from negative on City and County of Denver's dedicated tax revenue debt. At the same time, S&P Global Ratings affirmed its 'AA-' rating on the city's dedicated tax revenue debt outstanding. The outlook revision reflects a rebound in dedicated tax revenue collections in Denver as more normal tourism and resident spending resumed following the height of the COVID-19 pandemic. We revised the outlook to negative from stable at the beginning of the pandemic in April 2020 as we did for many other issuers supported by hospitality taxes, given ongoing weakness in pledged revenue caused by the effects of the pandemic, specifically social distancing. The bonds are secured by a first-lien pledge of
