...S&P Global Ratings assigned its '##' long-term rating to Queen Creek, Ariz.'s series 2020 excise tax and state-shared revenue obligations. The outlook is stable. 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. 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 2020 bonds are on parity with the town's existing series 2016, 2018A, and 2018B bonds, as well as the 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 revenue. The series 2020 bonds will be issued in the approximate par amount of $79.0...
