NEW YORK - Fitch Ratings said it assigned an A rating to Sand Creek Metropolitan District, Colo.’s $16.375 million general obligation limited tax (GOLT) bonds, refunding series 2010A, and $11.895 million refunding series 2010B.
The series 2010 bonds are expected to sell via negotiation in the middle of September.
In addition, Fitch upgrades approximately $65.6 million in outstanding GOLT bonds to A from A-minus.
The rating outlook is revised to stable from positive.
The upgrade reflects the district's continued development, solid tax base growth, and market absorption as evidenced by low vacancy rates and enabled by its favorable location along a major transportation corridor near the Denver International Airport and competitive tax rates.
A promising pipeline of new development should maintain solid assessed value growth, although tax base concentration will continue to characterize the district.
The district has healthy financial operations evidenced by solid general fund balance reserve levels.
The debt profile of the district is mixed, characterized by high debt levels and slow principal amortization, balanced against limited future debt needs.
