...S&P Global Ratings assigned its '##-' rating to City and County of Denver's dedicated tax revenue bonds series 2021A and affirmed its '##-' rating on Denver's parity debt outstanding. The outlook remains negative, given ongoing weakness in pledged revenue caused by the effects of the pandemic, specifically social distancing. Bond proceeds will be used to develop the National Western Center campus, home of the National Western Stock show, and to fund an expansion of the Colorado Convention Center. The bonds are secured by a first-lien pledge of revenue derived from lodgers, short-term auto rental, and prepared food and beverage taxes in Denver. We rate the bonds under our Priority Lien criteria, which factors in both the strength and stability of the pledged revenue, as well as the general credit quality of Denver (the obligor's creditworthiness or OC), where the taxes are levied and collected. Denver's general obligation bonds are rated '###' with a stable outlook, and the city's very high...
