Fitch assigns A+ to Colorado Springs gas bonds

Fitch Ratings said it assigned a preliminary A+ rating to Power Authority for Colorado Energy's $630 million of gas purchase revenue bonds. The outlook is negative.

The final rating will be assigned prior to closing. The bonds are expected to price June 11.

The authority is a nonprofit corporation that supplies gas for the City of Colorado Springs. Bond proceeds will be used to prepay a specified supply of natural gas for 30 years to be delivered by Merrill Lynch Commodities, Inc., whose obligations will be guaranteed by Merrill Lynch and Co. (rated A+, with a negative outlook by Fitch).

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