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Phoenix Civic Improvement Corp./Phoenix, AZ's Senior-Lien Excise Tax Revenue Bonds Rated `AA+' Jun 99
Standard & Poors, June 1999
NEW YORK (Standard & Poor's CreditWire) June 30, 1999-- Standard & Poor's today assigned its double-'A'-plus rating to Phoenix Civic Improvement Corp., Ariz.'s $94 million senior-lien excise tax revenue bonds series 1999A and 1999B dated June 1, 1999, due July 1, 2029, issued for Phoenix, Ariz. The bonds are expected to sell around July 6, 1999. Additionally, Standard & Poor's affirmed Phoenix's outstanding debt (see list). The rating reflects the city's: -- Diverse economic base (double-'A'-plus GO rating), -- Strong growth in pledged revenues, -- Historically excellent debt service coverage (DSC), and -- Very strong 4 times (x) senior-lien additional bonds test. The bonds are secured by a senior-lien on the city's excise taxes, including transactions; privilege; franchise; and business...
Companies mentioned in this report are: Phoenix Civ Imp Corp
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: News
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Phoenix Civ Imp Corp