Phoenix Civic Improvement Corp., Arizona Phoenix; Miscellaneous Tax; Sales Tax May 07
Standard & Poors, May 2007
Abstract
Standard & Poor's Ratings Services raised its rating on Phoenix Civic Improvement Corp., Ariz.'s subordinated excise tax debt, secured by a third lien on excise taxes received by the city of Phoenix, to 'AA' from 'AA-'. The upgrade reflects the exceptional breadth and diversity of the economic base generating the pledged taxes, the continued maintenance of very strong coverage levels, and the small likelihood that the city would significantly dilute coverage with additional excise tax debt due to the need to preserve excess excise taxes for general fund operations and due to the city's limited needs for additional excise tax bonding under its five-year capital plan. Standard & Poor's also assigned its 'AA' rating to Phoenix Civic Improvement Corp.'s third-lien...
Companies mentioned in this report are: Phoenix,Phoenix Civ Imp Corp
Action: New Rating
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Research Type: Full Analysis
Phoenix,Phoenix Civ Imp Corp
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