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Summary: Mesa, Arizona; Combined Utility Dec 06
Standard & Poors, December 2006
Standard & Poor's Ratings Services assigned its 'A+' rating to the City of Mesa, Ariz.'s $128.1 million utility systems revenue refunding bonds, second series 2006, and affirmed its 'A+' underlying rating (SPUR) on the city's outstanding utility system revenue bonds. The rating reflects the following credit strengths: Strong debt service coverage (DSC) of 5.1x in fiscal 2006, with 2.2x coverage of maximum annual debt service (MADS) and good coverage of 3.6x annual debt service when including city GO debt partially backed by large transfers from the enterprise fund to the general fund; Mesa's ('AA-' GO rating) continued strong economic base, with access to the greater Phoenix and Maricopa local economies; A diverse mix of revenues from the city's five utility...
Companies mentioned in this report are: Mesa
Action: New Rating
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