Standard&Poor's Ratings Services affirmed its 'A+' underlying rating (SPUR) on Queen Creek Town, Ariz.'s series 2007 excise tax and state-shared revenue obligations. The outlook is stable. The rating reflects our view of the town's: Access to the diverse Chandler and Phoenix MSA economies, and strong income indicators; Good legal provisions, with an above-average additional bonds test (ABT) of 2.00x and a 1.25x rate covenant for excise taxes; and Strong 4.7x coverage of future maximum annual debt service (MADS) by total fiscal 2010 pledged revenues. These strengths are partially offset by our view of a decline in pledged revenues, although we note recent projections suggest revenues may stabilize. A pledge of the town's excise tax revenues, which include fines,
