The 'AA' rating on the Maricopa County Community College District (MCCCD), Ariz., reflects: The broad economic base of Maricopa County and the strong GO rating of the district's debt; Very low revenue-bond debt, resulting in strong coverage from pledged revenues; The very large and growing enrollment base of the district's 10 colleges and two skill centers; and Balanced financial operations that produce good liquidity ratios. The bonds are secured by a pledge of gross revenues. Gross revenues include all tuition, fees, rentals, and other student charges. Article 9 of the Uniform Commercial Code does not apply to the district, which is a governmental entity of the state of Arizona and, as such, is exempt from the code. Bond proceeds will
