NEW YORK (Standard&Poor's) March 2, 2006--Standard&Poor's Ratings Services assigned its 'A-' issuer credit rating (ICR) to the Town of Queen Creek, Ariz. The ICR is based on the town's strong tax base growth and continued strong development, with increasing building permits and valuations; strong historical financial performance; and expanding local employment base with access to the diverse Phoenix economy, coupled with above-average income and wealth indicators. Offsetting rating factors include a very high overall debt burden and below-average amortization of principal; continued growth pressures and debt needs related to a rapidly increasing population base, as well as commuter traffic from Pinal County; and dependence on construction-related sales taxes, which is offset somewhat by management's practice of
