S&P Global Ratings raised its long-term rating to 'AA' from 'AA-' on Queen Creek, Ariz.'s excise tax and state-shared revenue bonds outstanding. At the same time, S&P Global Ratings assigned its 'AA' long-term rating to the town's series 2016 excise tax and state-shared revenue refunding obligations. The outlook is stable. The raised rating reflects our view of the town's continued pledged revenue growth and what we view as a stronger additional bonds test (ABT) of 3.00x. The series 2016 bonds are secured by a first lien of excise taxes, which include transaction privilege (sales) taxes, state-shared revenues, and franchise fees. The series 2016 bond proceeds will be used to refund: The town's series 2007 excise tax and state-shared revenue bonds;
