Summary: Phoenix Civic Improvement Corp., Arizona Phoenix; Miscellaneous Tax Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA' rating on Phoenix Civic Improvement Corp., Ariz'.s senior-lien excise tax revenue bonds, secured by a first lien on the City of Phoenix's excise taxes. Standard & Poor's also affirmed its 'AA' underlying rating (SPUR) on the corporation's subordinated excise tax bonds, secured by a third lien on Phoenix's excise tax revenues. The rating on the first- and third-lien excise tax bonds reflects our view of: The breadth and diversity of Phoenix's ('AAA' general obligation rating) economy; A diverse stream of pledged excise taxes consisting of both sales taxes and state-shared income taxes; Extremely high 52x coverage on first-lien maximum annual debt service (MADS) and high 7.6x coverage on combined first-, second-, and...

Companies mentioned in this report are: Phoenix,Phoenix Civ Imp Corp
Action: Affirmed
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.

Phoenix,Phoenix Civ Imp Corp

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