Standard&Poor's Ratings Services assigned its 'A-' issuer credit rating (ICR) to the Town of Queen Creek, Ariz., reflecting 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 using onetime revenue for onetime expenditures. Queen Creek, incorporated in 1989,
