The rating on Maricopa County Community College District, Ariz.'s bonds is based on the district's unlimited GO pledge and reflects: A broad and expanding economic base encompassing the Phoenix metropolitan area, Solid financial operations, and Moderate, but manageable, debt. Coterminous with Maricopa County in central Arizona, the district is the largest community college system in the nation, providing lower-level undergraduate courses, job training services, and other academic programs to a large and diverse economic area. Enrollment (170,911 headcount, 47,875 full-time equivalent) has grown steadily over the past four years, following a two-year decline in 1993-1994. Overall demand trends remain stable. The Phoenix area economy continues to expand and diversify, attracting new high technology manufacturers and service jobs. Unemployment is consistently
