DALLAS -- Standard & Poor's revised its outlook to stable from negative on Cordillera Metropolitan District, Colo.'s A-minus rating a year after the private golf club anchoring the Vail Valley resort community emerged from bankruptcy.

"The stable outlook reflects our view of the recent settlement of bankruptcy and litigation of the local privately operated golf club, which we believed could have had a negative impact on the district," Standard & Poor's analyst Bryan Moore wrote in his report Feb. 6.

Fitch Ratings revised its BBB-plus rating on the district to stable from negative on April 29, 2013.

The district, located 20 miles from the Vail-Eagle County regional airport, has about $6 million of outstanding debt from 2003 and 2006.

The bonds are secured by a tax pledge on all property in the original district formed in 1993. The district expanded in March 2003 with the addition of the Cordillera Mountain Metropolitan District.

The original district, with a population of about 225 full-time residents, covers 4,056 acres about 120 miles west of Denver.

The district provides water, streets, public safety, fire protection, parks, and debt service. A majority of the residential units serve as vacation or second homes.

At last report, 515 homes were built on 673 available sites, representing a 77% build-out, according to S&P.

After the 2008 recession, development has been flat and is expected to remain flat for the next several years, according to S&P.

The district's assessed value fell nearly 16% to $66.3 million in 2014. Between 2011 and 2013, assessed value declined by an average annual rate of 11%, according to S&P.

The privately owned Cordillera Golf Club notified residents it was in financial trouble in 2010, leading to closure of three of four golf courses, the clubhouses, and the restaurants. Golf club owners filed a lawsuit against the Cordillera Property Owners Association, and in a separate suit a group of club members filed a lawsuit against the club owners. In June 2012, the club owners filed for bankruptcy.

The bankruptcy and litigation have been settled and the club was sold at auction in December 2012 to Wind Rose Properties LLC. Settlement of the lawsuit transferred some assets to the property owners.

Since the club emerged from bankruptcy in January, the new owners have signed up more than 300 new members, with a goal of reaching more than 500, according to news reports.

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