S&P: Westminster, CO Various Debt Ratings Raised Due To Improved Economic Indicators And Financial Policies
"The rating action reflects our view of the city's improved wealth and income indicators and management's strengthened financial policies and practices," said S&P Global Ratings credit analyst Kaila Spalinger.
The ratings reflect our view of the city's:
Very strong economy, Strong management, Strong budgetary performance, Very strong budgetary flexibility, Very strong liquidity, Adequate debt and contingent liability position, and Strong institutional framework score. The 2016 COPs represent an interest in lease payments made by the city of Westminster, as lessee, to U. S. Bank N. A., as both lessor and trustee, for the use and possession of the leased asset. The leased asset is the Public Safety Building, a 73,000-square-foot, two-story structure. We understand that the proceeds will be used to current refund certain lease-purchase obligations of the city for interest cost savings. The lease is subject to annual renewal, and under the lease agreement, the city's finance director is directed to include all rental payments for the ensuing fiscal year in the annual budget proposals. Payments are triple net, without the right to set-offs, and the city is responsible for maintenance, taxes, and utilities.