Queen Creek, AZ Revenue Bond Rating Raised To 'AA' On Continued Growth, Stronger Additional Bonds Test

CENTENNIAL (S&P Global Ratings) Aug. 24, 2016--S&P Global Ratings raised its long-term rating to 'AA' from 'AA-' on Queen Creek, Ariz.'s excise tax and state-shared revenue bonds outstanding. At the same time, S&P Global Ratings assigned its 'AA' long-term rating to the town's series 2016 excise tax and state-shared revenue refunding obligations. The outlook is stable. "The raised rating reflects our view of the town's continued pledged revenue growth and what we view as a stronger additional bonds test of 3.00x," said S&P Global Ratings credit analyst Alyssa Farrell. "Should the local economy continue to strengthen, resulting in increased per capita retail sales and debt service coverage to levels commensurate with higher-rated peers, we could raise the rating," Ms. Farrell

...CENTENNIAL (S&P Global Ratings) Aug. 24, 2016--S&P Global Ratings raised its long-term rating to '##' from '##-' on Queen Creek, Ariz.'s excise tax and state-shared revenue bonds outstanding. At the same time, S&P Global Ratings assigned its '##' long-term rating to the town's series 2016 excise tax and state-shared revenue refunding obligations. The outlook is stable. "The raised rating reflects our view of the town's continued pledged revenue growth and what we view as a stronger additional bonds test of 3.00x," said S&P Global Ratings credit analyst Alyssa Farrell. "Should the local economy continue to strengthen, resulting in increased per capita retail sales and debt service coverage to levels commensurate with higher-rated peers, we could raise the rating," Ms. Farrell added. The series 2016 bond proceeds will be used to refund: + The town's series 2007 excise tax and state-shared revenue bonds; + The town's series 2004B, 2005B, 2006A, and 2008 Greater Arizona Development Authority...

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