Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A+' on Queen Creek, Ariz.'s series 2007 excise tax and state-shared revenue obligations. The outlook is stable. The rating action is based on our view of the town's improved coverage. The rating reflects our view of the town's: Access to the diverse Chandler and Phoenix metropolitan statistical area economies, and strong income indicators; Good legal provisions, with an above-average additional bonds test (ABT) of 2.00x and a 1.25x rate covenant for excise taxes; and Very strong 9x coverage of future maximum annual debt service (MADS). Partly offsetting the above strengths, in our view, are the town's significant fluctuations in pledged revenue in recent years. The town's excise
