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Mesa, Arizona; Combined Utility May 08 Product Image

Mesa, Arizona; Combined Utility May 08

  • ID: 1785682
  • May 2008
  • Region: Arizona
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AA-' from 'A+' on the City of Mesa, Ariz.'s outstanding utility systems revenue bonds and assigned its 'AA-' rating to the city's $52.875 million utility systems revenue refunding bonds, series 2008, and $21.125 million utility system revenue refunding bonds, series 2008. The raised ratings reflect the combined utility's continued strong financial performance and improved reserve position. Additional credit strengths in support of the raised rating include: Strong debt service coverage (DSC) of 4.9x in fiscal 2007, with 2.1x coverage of maximum annual debt service (MADS) and good coverage of 2.6x annual debt service after transfers out to the city's general fund; Mesa's ('AA' general obligation, or...

Companies mentioned in this report are:
- Mesa

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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Mesa

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