Standard&Poor's Ratings Services assigned its 'A+' rating, and stable outlook, to Queen Creek, Ariz.'s series 2007 excise-tax and state-shared revenue obligations. The rating reflects the town's: Strong historical pledged revenue growth; Above-average income and growing local retail base with direct access to the Phoenix, Ariz. metropolitan area; Rapidly growing population, increasing by more than 300% since 2000 to an estimated 19,000 in 2006; Sound legal provisions with an additional bonds test of 2.00x and a 1.25x rate covenant for excise taxes; and Strong 7.00x coverage of future maximum annual debt service (MADS) by total fiscal 2006 pledged revenues and the minimal likelihood of bonding down to the 2.00x additional bonds test since pledged excise-tax revenues represent 94% of
