Wow, I fought for 45 minutes AFTER I found this post. I am using Adobe CS6 (don't ask why!), And the only way that finally works for me is this:
var tf:TextFormat = new TextFormat();
tf.color = 0xFF0000;
a_label.setStyle("textFormat", tf);
Hope this helps someone. Source: Adobe Help Center
You can also use TextFormat to change other properties, such as Font, size, etc.
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