Summary: Goodyear, Arizona; General Obligation Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Goodyear, Ariz.'s series 2012 general obligation (GO) refunding bonds. In addition, Standard & Poor's affirmed its 'AA-' long-term rating and underlying rating on the city's previously issued GO bonds. The outlook on all ratings is stable. The ratings reflect our view of Goodyear's: Access to the diverse Phoenix economy; Strong wealth indicators; and "Strong" financial policies and practices per our Financial Management Assessment (FMA) methodology. Partly offsetting the above strengths is our view of Goodyear's: Large declines in secondary assessed valuation (SAV); and Very high overall debt burden and carrying charges, together with slow debt amortization. Unlimited ad valorem property tax revenue secures the bonds. Goodyear is a rapidly...

Companies mentioned in this report are: Goodyear
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.

Goodyear

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