California.

Moody's Investors Service has raised to A1 from A its rating on Denver's excise tax revenue refunding bonds, citing revenue growth partly due to larger crowds at Mile High Stadium, the home of the attendance record-setting Colorado Rockies.

The new rating upgrades a $22.5 million refinancing of $68 million of revenue bonds outstanding.

The excise tax is commonly referred to as the city's head-and-seat tax, paid by those who work in the city as well as those buying tickets at Mile High Stadium and McNichols Arena. The Rockies and the Denver Broncos play at Mile High, which seats 70,000, and the Denver Nuggets play at McNichols.

The Rockies set a major league baseball record this year with 4.45 million tickets purchased. Through June, seat tax receipts were up 42% from a year ago, with half of the increase attributed to the Rockies. However, the Rockies will move to the new Coors Field in 1995, which the city does not own.

Moody's said that the city plans to fill the stadium with concerts and other events, and that setting the Rockies contribution aside, growth trends look positive.

Moody's also credited the region's steadily strengthening economy, historically well-managed finances, and the city's role as a trade and service center on the eastern slope of the Rocky Mountains.

The effect that Amendment 1's tax increase limitations may have on the city is unknown, but Moody's said Denver appears well situated to deal with the amendment's uncertainties.

In a separate Colorado rating, however, Moody's downgraded El Paso County Academy School District 20 to Baal from Al, blaming Amendment 1. The downgrade was in conjunction with $54.9 million of debt from a negotiated bond sale.

Amendment 1 will make it harder for the district to balance its budget this fiscal year, Moody's said, noting that the district has operated in the red for several years.

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