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Summary: Mesa, Arizona; Combined Utility Feb 12

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Abstract
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...

Companies mentioned in this report are:
- Mesa

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

Companies Mentioned

Mesa

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Summary: Mesa, Arizona; Combined Utility Feb 12

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