Bangkok--22 Nov--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Colorado Bridge Enterprise's series 2010A senior taxable enterprise revenue Build America Bonds and series 2010B senior tax-exempt enterprise revenue bonds. The outlook is stable.
"The rating reflects our view of growth in both population and vehicle registrations, and the fact that the surcharge does not depend on the value of vehicles or consumption of fuel, as well as very strong projected coverage," said Standard & Poor's credit analyst Matthew Reining.
We understand that officials will use the bond proceeds to repair, maintain, reconstruct, or replace certain bridges and related infrastructure.
The Colorado Bridge Enterprise exists within the Colorado Department of Transportation (CDOT) in order to address bridges that are structurally deficient or functionally obsolete. CDOT is managed by the state transportation commission; this commission also serves as the board of directors of the bridge enterprise. The bridge enterprise was formed as an enterprise for Taxpayer's Bill of Rights purposes, and management indicated that the enterprise would operate only in ways to maintain this enterprise status. The enterprise does not have the ability to tax. The surcharge has the legal status of a fee to reasonably defray certain bridge improvements.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Special Tax Bonds, June 13, 2007
Complete ratings information is available to RatingsDirect subscribers on the Global Credit Portal at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Matthew Reining, San Francisco (1) 415-371-5044
Misty Newland, San Francisco (1) 415-371-5073