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Mesa, Arizona; Combined Utility Feb 12
Standard & Poors, February 2012
Standard & Poor's Ratings Services assigned its 'AA-' rating and stable outlook to Mesa, Ariz.'s series 2012 tax-exempt utility system revenue refunding bonds and series 2012 taxable utility system revenue refunding bonds and affirmed its 'AA-' rating, with a stable outlook, on the city's parity debt. The rating reflects our view of the utility's: Strong debt service coverage (DSC) of 2.8x in fiscal 2011 and, what we consider, a good 1.3x senior-lien DSC after general fund transfers in fiscal 2011; Good economic base -- Mesa ('AA' general obligation (GO) debt rating) stabilized itself during the recession through cost-cutting measures; Successful implementation of an ad valorem tax used to pay GO debt, adding confidence that the utility will retain, what we...
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