Fitch Rtes Colorado Springs Util. System´s 2008B/C Util System Rfdg Bnds ´AA´; Outlook Stable

Fitch Ratings assigns an underlying ´AA´ to Colorado Springs, CO (the city utilities system) $62 million series 2008B utilities system refunding revenue bonds and $50 million series 2008C utilities system improvement revenue bonds. In addition, Fitch affirms the underlying rating of the city´s outstanding $1.53 billion parity lien utilities system revenue/refunding and system improvement revenue bonds at ´AA´. The Rating Outlook is Stable. Proceeds of the 2008B bonds will be used to refund certain of the city´s outstanding series 1998A, 2001A and 2003A bonds. The 2008C proceeds will fund a portion of the Southern Delivery System raw water project. The bonds are secured by a net revenue pledge of the city´s combined utilities system. Effective in 2007, the city no longer has any senior lien bonds outstanding and the senior... [read full story]