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Rating Action:

Moody's assigns Aaa rating to Colorado WRPDA's 2014 A Clean Water Revenue Bonds.

Global Credit Research - 17 Apr 2014

Outlook is Stable

New York, April 17, 2014 --

Moody's Rating

Issue: Clean Water Revenue Bonds 2014 Series; Rating: Aaa; Sale Amount: $11,155,000; Expected Sale Date: 4/28/2014; Rating Description: Revenue: Pool

Opinion

Moody's Investors Service has assigned a Aaa rating to the Colorado Water Resources and Power Development Authority's Clean Water Revenue Bonds, 2014 Series A. The outlook is stable. We have also affirmed the Aaa ratings on all of the outstanding senior and subordinate bonds under the Clean Water and Drinking Water indentures.

RATINGS RATIONALE

The Aaa ratings are supported by the default tolerance of the program, the strength and diversity of the loan pool and the benefits of the cross collateralization structure of the Water Pollution Control and Drinking Water programs.

STRENGTHS:

* Large and diverse pool of borrowers, with a weighted average credit quality in the A-range

* Default tolerance of 37% on the senior and subordinate lien bonds together, disregarding the investments held with AIG Matched Funding Corporation and Citigroup Global

* Cross-collateralization of the Water Pollution Control and Drinking Water programs (surplus funds in one program are available to cure deficiencies in the other program)

CHALLENGES:

* A portion of reserve funds are invested with entities rated at the Baa1, Baa2 and A2 levels, which is below what is typical for a Aaa rated entity. However, cash flows demonstrate that even without the support of the reserves from Baa1 and Baa2-rated counterparties, default tolerance remains high for the senior bonds at 37%.

*No reserves are directly pledged to the subordinate lien bonds

Outlook

The stable outlook reflects Moody's expectation that the credit quality of the combined loan portfolio will be maintained and program default tolerance will continue to be strong under the new hybrid model.

What Could Change the Rating - UP

N/A

What Could Change the Rating - DOWN

Decline in the quality and/or diversity of the loan pool, decline in the program default tolerance, or downgrade of investment counterparties.

The principal methodology used in this rating was U.S. State Revolving Fund Debt published in March 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Rachael Royal McDonald
Vice President - Senior Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Florence E Zeman
Associate Managing Director
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's assigns Aaa rating to Colorado WRPDA's 2014 A Clean Water Revenue Bonds.
No Related Data.
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