S&P rates Aurora, Colo., COPs AA-/A-1+

Standard & Poor's said it assigned its AA-/A-1+ rating to the City of Aurora, Colo.'s $60.041 million adjustable-rate refunding certificates of participation (COPs), series 2008A, due Dec. 1, 2030.

The outlook is stable.

The short-term component of the rating represents the likelihood of full and timely payment of tenders by a standby bond purchase agreement provided by the JPMorgan Chase Bank NA (AA/A-1+).

S&P also affirmed its AA general obligation rating and its AA- rating on the city's appropriation-backed debt.

Proceeds of the series 2008A COPs will be used to refund the city's series 2006A-2 existing adjustable-rate COPs.

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