Standard&Poor's Ratings Services assigned its rating 'AAA' long-term rating, and stable outlook, to Maricopa County Community College District, Ariz.'s series 2009C Project Of 2004 general obligation (GO) bonds. At the same time, we affirmed our 'AAA' rating on the district's GO debt outstanding. The rating reflects what we view as: A deep and diverse economic base encompassing the Phoenix metropolitan statistical area (MSA); Strong historical growth in district secondary assessed valuation, although home price declines in the MSA appear to have stalled growth in fiscal 2010; Strong financial policies and management practices and diverse revenue streams, which help mitigate cuts in state funding, economic downturns, or enrollment declines; The district's continued exceptionally strong and stable financial performance evidenced
