Wow, the blue paint seems to have held up very well over the years. Wonder if they stripped most of the red off and shot it with automotive paint? Rattle can should have faired much worse. Maybe it was a well-done brush job with someone who knew how to brush with good epoxy paint and not leave brush marks.
Looks nice. Even the fenders seem to be rust-free in the insides. It's a rare bike that I find even from the 70's that isn't rusted a little in the inside of the fenders. Must have been some good paint!