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Summary: Mesa, Arizona; Combined Utility May 09

  • ID: 1785792
  • May 2009
  • Region: Arizona
  • Standard & Poors

Standard & Poor's Ratings Services assigned its 'AA-' long-term rating, with a stable outlook, to Mesa, Ariz.'s utility systems revenue bonds series 2009. At the same time, Standard & Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the city's outstanding revenue debt. The ratings reflect the combined utility's continued strong financial performance and improved reserve position. Additional credit strengths in support of the rating include: Strong debt service coverage (DSC) of 3.6x in fiscal 2008, with 2.2x coverage of maximum annual debt service (MADS) and good coverage of 1.43x annual debt service after a $94 million transfer out to the city's general fund; Mesa's ('AA' GO rating) strengthened general fund revenue performance, continued robust economic base, and...

Companies mentioned in this report are:
- Mesa

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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