Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Maricopa County Community College District (CCD), Ariz.'s 2013 general obligation (GO) bonds. At the same time, we affirmed our 'AAA' rating on the district's parity GO debt outstanding. The outlook on all ratings is stable. The ratings reflect what we view as: A deep and diverse economic base encompassing the Phoenix metropolitan statistical area (MSA); The district's diverse property tax base and ability to raise tax rates to maintain property tax revenue despite significant declines in secondary assessed valuation (AV) in the previous three years; Good financial policies and management practices, coupled with the CCD's ability to cut class offerings at will, which somewhat mitigates the potential for cuts
