The 'AA' rating on Maricopa County Community College District, Ariz.'s GO bonds is based on the district's unlimited GO pledge and reflects: A broad and expanding economic base encompassing the diverse Phoenix metropolitan area, Still strong fund balances despite recent drawdown and conservative financial management, and Moderate but manageable debt. These factors are somewhat limited by the district's dependence on state sources of revenue for a significant portion of its operating budget. The bonds are general secured by the districts ability to levy unlimited ad valorem taxes to pay bonds. 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
