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Published: 5/6/2020  9:45 AM
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Published: 4/30/2020  9:43 AM
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Published: 4/24/2020  6:10 PM
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Published: 4/22/2020  11:02 AM
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Published: 4/16/2020  2:50 PM
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Published: 4/16/2020  9:41 AM
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Published: 4/14/2020  2:28 PM
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Giving back to the community: Help with housing

Published: 4/8/2020  9:09 AM
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Published: 4/3/2020  12:48 PM
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​​​​Providing reliable service in uncertain times

Published: 3/31/2020  2:35 PM
As we continue to respond to the worldwide coronavirus outbreak, I want to update you on what we’ve been doing to achieve our mission of delivering safe and reliable utility services. Nothing is more important to me than the health and safety of our ...



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Credit rating increase benefits all customers   

  by  Natalie W.  on  5/30/2019

Credit ScoresColorado Springs Utilities customers have something new to cheer about: this week S&P Global Ratings (Standard & Poor’s) issued a credit upgrade for Springs Utilities from AA to AA+.

Why should our customers care? Because our “credit score” went up, this will result in improved investor interest in our bonds and lower interest rates when we issue new bonds.

This rating upgrade makes a significant statement about the work being done at Colorado Springs Utilities. It is the result of fiscal responsibility while delivering operational excellence. We control costs by making prudent business decisions. The utility’s financial plan, commitment to financial discipline and metrics were major factors in the rating increase.

To better serve our growing customer base, we are thinking differently, becoming more creative and embracing new technologies. Part of S&P’s decision to upgrade us was based on our plans to reduce our reliance on coal generation resources.

We continue to demonstrate our commitment to solar energy and battery storage. We will take our renewable energy mix from 11 percent of our generation to more than 20 percent by 2024 allowing us to power more than 75,000 homes annually with solar energy.

Standard & Poor’s also noted our very strong service area economic fundamentals, reflecting our large, primarily residential and diverse customer base. Our financial policies and practices are also very strong. These include regularly-updated strategic plans, multi-year capital planning and financial forecasts, and an automatic power cost adjustment mechanism.

While our city continues to grow, we will be right there with it, strengthening our financial metrics even more. Because ensuring ratepayers’ money is being used responsibly and wisely for the benefit of the entire community is at the heart of everything we do. 

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Bravo!

Wednesday, June 26, 2019  2:48 PM  H. E. Miller

I note that you have several variable rate bonds that should benefit immediately from the upgrade. Any thought to refinancing fixed rate debt?

Monday, August 19, 2019  7:02 PM  David Lugg

David,
We continually monitor financial market conditions for opportunities to improve our debt portfolio. The Standard & Poor’s credit upgrade to “AA+ Stable” is a positive development for us and our debt portfolio. We normally issue fixed rate debt with a 10-year call option. When debt becomes callable, we consider any refunding opportunity that is advantageous to our customers and meets our financial risk management parameters.

Monday, August 26, 2019  3:07 PM  Eric