NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned an 'AA' rating to the following City of Colorado Springs, CO bonds issued on behalf of Colorado Springs Utilities (CSU):
--$50,000,000 ($45,585,000 currently outstanding) City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue Bonds, Series 2008A (bank bonds).
The bank bond rating is assigned to the series 2008A bonds but will only become applicable if the bonds cannot be remarketed and are purchased by the bank providing the liquidity facility. The rating is based on the underlying long-term rating of CSU. The new facility with U.S. Bank National Association (rated 'AA-/F1+' by Fitch) becomes effective Sept. 2, 2014 and expires Sept. 1, 2017.
The Rating Outlook for all the bonds is Stable.
For additional information on the long-term rating see the press release 'Fitch Rates Colorado Springs (CO) Series 2014A Rev Bonds 'AA'; Outlook Stable' dated Aug. 14, 2014, available on Fitch's website at www.fitchratings.com.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. Public Power Rating Criteria' (March 18, 2014);
--'2014 Outlook: U.S. Public Power and Electric Cooperative Sector' (Dec. 12, 2013).
--'Rating U.S. Public Finance Short-Term Debt' (Dec. 9, 2013).
Applicable Criteria and Related Research:
U.S. Public Power Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=740841
2014 Outlook: U.S. Public Power and Electric Cooperative Sector (Calm Under Pressure)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=725447
Rating U.S. Public Finance Short-Term Debt
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724680
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=863114
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