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Mesa, Arizona; Combined Utility May 11
Standard & Poors, May 2011
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to the City of Mesa, Ariz.'s $53.95 million series 2011 utility systems revenue bonds, and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the city's parity debt totaling $860 million. The ratings reflect our view of the utility's: Strong debt service coverage (DSC) of 2.9x in fiscal 2010 and good 1.3x senior DSC after general fund transfers in 2010; Good economic base, with the City of Mesa ('AA' general obligation, or GO, rating) stabilizing in the economic recession through cost-cutting measures; Successful implementation of an ad valorem tax that will be used to pay GO debt, adding confidence that the utility will retain its strong cash position of...
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