Bangkok--23 Apr--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Mesa, Ariz.'s series 2009 general obligation (GO) bonds. Standard & Poor's also affirmed its 'AA' rating and underlying rating (SPUR) on the city's outstanding GO debt. The outlook is stable.
"The rating is based on the city's participation in the Phoenix-Mesa metropolitan area's strong and diverse economy," said Standard & Poor's credit analyst Matthew Reining. "Mesa's strong management policies should ensure a continued strong reserve balance position, and the city has a recent history of strong fund balance levels, with an ending fiscal 2008 unreserved fund balance of 12.7% of expenditures."
Bond proceeds will be used to fund public safety, fire, court, and street projects in the city.
Mesa is Arizona's third-largest city, with a population of approximately 460,000 in 2008. Since 2000, population has grown a healthy 16%. Given the city's convenient location within 12 miles of Phoenix, residents have good access to employment throughout the metropolitan area.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Matthew Reining, San Francisco (1) 415-371-5044
Ian Carroll, San Francisco (1) 415-371-5060
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]