S&P Global Ratings assigned its 'AA' long-term rating to the Town of Queen Creek , Ariz.'s anticipated $237 million series 2026 certificates of participation (COPs). At the same time, we affirmed our 'AA+' issuer credit rating (ICR) on the town. The outlook is stable. The 2025 COPs represent an interest in the town?s annual base rental payments under a lease-purchase agreement with U.S. Trust Bank N.A. Once appropriated, base rental payments are absolute and unconditional and shall not be abated or offset for any reason related to the leased property. We have reviewed the lease under our criteria and view the terms as standard. We rate these obligations to be one notch lower than the town?s general creditworthiness to reflect
