Bangkok--13 May--Standard & Poor's
Standard & Poor's Ratings Services revised its long-term rating on Pima County, Ariz.'s series 2004 general obligation (GO) bonds (dated June 1, 2004) and series 2007 GO bonds (dated Jan. 1, 2007) to 'AA-/Watch Pos' from 'AA-/Stable'. On March 19, 2009, we incorrectly adjusted the county's long-term debt rating to 'AA-/Stable' from 'AA-/Watch Dev' when reviewing the county's underlying rating (SPUR). The county's long-term rating is on CreditWatch with developing implications. However, because the county's 'AA-/Stable' SPUR provides a credit floor, its long-term rating is on CreditWatch with positive implications.
For more information with regard to the county's SPUR, see the summary analysis published May 1, 2009, on RatingsDirect.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
Matthew Reining, San Francisco (1) 415-371-5044