Mesa, Arizona; Combined Utility May 08
- ID: 1785682
- May 2008
- Region: Arizona
- Standard & Poors
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...
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Action: New Rating
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