S&P Global Ratings assigned its 'AA' long-term rating to the Industrial Development Authority of the City of Phoenix, Ariz.'s $71.815 million series 2024A tax-exempt lease revenue bonds and the Authority's $1.0 million series 2024B taxable lease revenue bonds, both issued for PAFAF I Phoenix LLC. The outlook is stable. The 'AA' rating reflects an unconditional absolute and irrevocable guaranty from Mayo Clinic, Minn. for all payments to the above mentioned series 2024A and 2024B bondholders. The series 2024A and 2024B lease revenue bonds are secured by the base rent lease payments made by the subtenant, Brooks West Rehab Services I LLC, a not-for-profit joint venture of Mayo Clinic Arizona, part of Mayo Clinic (30%) and Genesis Rehabilitation Hospital Inc. (70%)
