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Phoenix Civic Improvement Corporation, Arizona Phoenix; Miscellaneous Tax; Sales Tax Apr 09
Standard & Poors, April 2009
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: The breadth and diversity of Phoenix's ('AAA' GO rating) economy; A diverse stream of pledged excise taxes consisting of both sales taxes and state-shared income taxes; Extremely high 48x coverage on first-lien maximum annual debt service (MADS) and high 8.4x coverage on combined first-, second-, and third-lien excise tax MADS...
Companies mentioned in this report are: Phoenix,Phoenix Civ Imp Corp
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
Phoenix,Phoenix Civ Imp Corp