S&P Global Ratings assigned its 'AAA' long-term rating to Maricopa County Community College District, Ariz.'s series 2016 general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the district's GO debt outstanding. The outlook is stable. Unlimited ad valorem taxes on property in the district, which has the obligation to levy for the repayment of the bonds, secure the bonds. Bond proceeds will be used to refund a portion of the district's series 2007B, 2009C, and 2011D bonds for debt service savings. The district's GO bonds are eligible to be rated above the sovereign because we believe the district can maintain better credit characteristics than the U.S. in a stress scenario. Under our
