Standard&Poor's Ratings Services assigned its 'AA' rating to Frederick, Colo.'s sales and use tax revenue refunding bonds, series 2015. At the same time, we affirmed our 'AA' underlying rating (SPUR) on the town's sales and use tax revenue bonds, series 2006. The outlook is stable. The ratings reflect our view of the town's: Rapidly expanding sales and property tax bases, with good access to the Denver metropolitan area; Very 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, is the considerable concentration in the town's top sales tax
