Standard&Poor's Ratings Services raised its issuer credit rating (ICR) to 'A+' from 'A' on Queen Creek Town, Ariz based on the city's continued strong finances and its ability and willingness to significantly cut its budget to ensure continued strong reserves. At the same time, Standard&Poor's raised its underlying rating (SPUR) to 'BBB+' from 'BBB' on the city's series 2006 improvement bonds. The outlook is stable. The rating reflects our view of the town's: Local employment base with access to the diverse Phoenix metropolitan statistical area (MSA) economy and strong income indicators; Maintenance of very strong reserves despite declining revenues, as evidenced by an unreserved fund balance equal to 61% of fiscal 2011 expenditures; and Good financial
