Summary: Pinal County Community College District, Arizona; General Obligation Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Pinal County Community College District, Ariz.'s series 2012B general obligation (GO) bonds (project of 2008). At the same time, Standard & Poor's affirmed its 'AA-' long-term rating on the district's existing GO bonds. The outlook on all bonds is stable. The ratings reflect our view of the district's: Large tax base with little taxpayer concentration, and significant recent population and enrollment growth; Strong cash position; Flexibility to raise tuition rates or cut costs as needed; and Low debt. Offsetting factors in our view include the district's declining state aid, due to state budget difficulties, and the recent drop in assessed value (AV) and real estate prices. The bonds are...

Companies mentioned in this report are: Pinal Cnty Comnty Coll Dist
Action: Affirmed
Action: New Rating
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.

Pinal Cnty Comnty Coll Dist

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