S&P Global Ratings assigned its 'AAA' long-term rating to Maricopa County Community College District (MCCCD), Ariz.'s series 2016 general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the district's GO debt outstanding. The outlook is stable. The district's GO bonds are eligible to be rated above the sovereign because we believe the district can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions" (published Nov. 19, 2013), U.S. state and local governments are considered to have moderate sensitivity to country risk. Despite experiencing moderate decreases in enrollment in recent years, reflecting the countercyclical nature of community college
