City of Denver attains AAA debt rating
By David Milstead, Rocky Mountain News (Contact)
Published September 10, 2008 at 12:05 a.m.
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Standard & Poor's has upgraded the city of Denver's debt rating to AAA, a level few cities attain, said Denver Chief Financial Officer Claude Pumilia.
S&P analyst David Hitchcock said the rating is based on "the fundamental strength of Denver's deep and diverse economy and high per capita market values, combined with the city's proactive budget-cutting efforts in periods of revenue softness to maintain, in our opinion, very strong fund balance."
The upgrade has no immediate benefit, as the city's current borrowing costs are not dependent on the credit rating.
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