Summary: Pinal County Unified School District No.1 (Florence), Arizona; General Obligation May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to Pinal County Unified School District No. 1 (Florence), Ariz.'s series 2011 general obligation (GO) refunding bonds. At the same time, Standard & Poor's affirmed its 'A' long-term and underlying rating (SPUR) on the district's outstanding GO bonds. The outlook on all bonds is stable. The rating reflects our view of the district's: Access to, and participation in, the diverse Phoenix metropolitan area; Adequate financial performance, with various tax overrides in place that provide additional financial flexibility; and Low debt burden. In our opinion, the above strengths are offset by significant declines in secondary assessed value (AV), as well as uncertainties surrounding state budgetary pressures and the potential for additional...

Companies mentioned in this report are: Pinal Cnty Unif Sch Dist # 1 Florence
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Pinal Cnty Unif Sch Dist # 1 Florence

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