The rating reflects a net revenue pledge
and the following credit strengths:
The PFC airport system revenue bonds are secured primarily by pledged portions of PFC revenues as well as a backup subordinate net revenue pledge
In addition to the net revenue pledge
, MID will enter into a $50 million standby purchase agreement with Morgan Guaranty.
The CP notes are secured by proceeds of note or bond sales, amounts in certain funds and a pledge of net revenues of the system subordinate to the net revenue pledge
for the system's revenue priority obligations.
The long-term 'AA' rating for the bonds continues to be based on the net revenue pledge
of the City of Colorado Springs, Colorado utilities system.
Bonds are secured by a net revenue pledge
of the Wind Project System, which consists of three phases.
The long-term 'AA' rating on the 2012A bonds is based on the net revenue pledge
of the city's combined utilities system, and reflects the system's diverse revenue stream with four major business segments (electric, natural gas, water and wastewater), competitive retail sales, consistent financial performance, relatively low-cost power supply mix, and diverse customer base.
For the consolidated system revenue/refunding bonds, the bonds are secured by a net revenue pledge
of the consolidated systems, which includes the electric distribution, water, wastewater and fiber optics systems, and the Lake Chelan hydroelectric project.
The first-lien revenue bonds are secured by the net revenue pledge
of all of the port's revenues, including the airport, seaport, and real estate divisions.
The long-term 'AA' rating continues to be based on the net revenue pledge
of the City of Colorado Springs, Colorado's combined utilities system (rated 'AA', Stable Outlook).
The bonds are secured by a net revenue pledge
(after payment of operating and maintenance expenses) of the combined utilities system and are on parity with outstanding utility system revenue bonds.
The senior lien wastewater revenue bonds are secured by a net revenue pledge
of the wastewater system.