Standard&Poor's Ratings Services affirmed its 'AA' underlying rating (SPUR) on the Frederick, Colo.'s sales and use tax revenue bonds outstanding. The outlook is stable. The rating reflects our view of the town's: Rapidly expanding sales and property tax bases, with good access to the Denver metropolitan area; Strong growth in pledged revenues, following some large declines, which has led to maximum annual debt service (MADS) coverage of over 5x in 2012; and Strong 2x additional bonds test (ABT). Partly offsetting the above strengths, in our view, are: The considerable concentration in the town's top sales tax generators, with the top 10 sales tax generators accounting for roughly 43% of revenues; The lack of a debt service reserve fund
