Summary: Queen Creek, Arizona; Miscellaneous Tax

S&P Global Ratings affirmed its 'AA' long-term rating on Queen Creek, Ariz.'s existing series 2016, 2018A, and 2018B excise tax and state-shared revenue obligations and removed the rating from CreditWatch with positive implications, where it had been placed on Dec. 19, 2019. The outlook is stable. The senior-lien excise tax revenue bonds are secured by a first lien of excise taxes, which include local transaction privilege (sales) taxes, state-shared revenues, and franchise fees. The town recently amended its indentures to include the town's 2.0% construction sales tax, 0.25% public safety sales tax, and 0.25% town center sales tax revenue streams as pledged revenue. The series 2016, 2018A, and 2018B bonds are on parity with the town's series 2014A Greater Arizona

...S&P Global Ratings affirmed its '##' long-term rating on Queen Creek, Ariz.'s existing series 2016, 2018A, and 2018B excise tax and state-shared revenue obligations and removed the rating from CreditWatch with positive implications, where it had been placed on Dec. 19, 2019. The outlook is stable. The senior-lien excise tax revenue bonds are secured by a first lien of excise taxes, which include local transaction privilege (sales) taxes, state-shared revenues, and franchise fees. The town recently amended its indentures to include the town's 2.0% construction sales tax, 0.25% public safety sales tax, and 0.25% town center sales tax revenue streams as pledged revenue. The series 2016, 2018A, and 2018B bonds are on parity with the town's series 2014A Greater Arizona Development Authority (GADA) loan. While we note that the GADA loan is repaid entirely by wastewater revenue, we have included the debt service in our coverage calculations to reflect the legal pledge of excise tax and state-shared...

Summary