Summary: Arizona Public Improvement Corp. Goodyear Public Improvement Corp. Goodyear; Miscellaneous Tax Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Arizona Public Improvement Corp., Ariz.'s series 2011A and 2011B municipal facility revenue refunding bonds, issued for Goodyear. At the same time, Standard & Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the Goodyear Public Improvement Corp.'s debt outstanding for Goodyear. The rating reflects our view of: Goodyear's ('AA-' general obligation rating) diverse local economy, characterized by above-average income levels; Strong, 3.36x maximum annual debt service (MADS) coverage by unaudited actual fiscal 2011 pledged excise taxes; and Legal provisions that include a 2.0x MADS additional bonds test (ABT), which protects against dilution in coverage, as well as a 2.0x debt service coverage covenant in addition to practical...

Companies mentioned in this report are: Goodyear,Goodyear Pub Imp Corp
Action: Affirmed
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.

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.

Goodyear,Goodyear Pub Imp Corp

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