...S&P Global Ratings raised its long-term rating to '##+' from '##' on Queen Creek, Ariz.'s outstanding excise tax and state-shared revenue obligations. At the same time, S&P Global Ratings assigned its '##+' long-term rating to the town's anticipated $119.6 million series 2022 excise tax and state-shared revenue obligations. The outlook is stable. The raised rating reflects an improvement in the town's economic metrics as the population continues to grow, as well as the maintenance of a positive revenue trend and very strong coverage on the lien despite the COVID-19 pandemic, outperforming the town's prior conservative estimates. The town's 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. Pledged revenues also 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...
