Bangkok--22 Dec--Standard & Poor's
Standard & Poor's Ratings Services corrected and lowered its long-term ratings to 'AA-/Stable' from 'AA/Negative' on Mesa, Ariz.'s utility system revenue bonds series 2006, due July 1, 2025 (CUSIP #590545QC6), July 1, 2026 (CUSIP #590545QD4), and July 1, 2027 (CUSIP #590545QE2).
On Dec. 12, 2008, we incorrectly assigned 'AA/Negative' ratings to these three maturities of the series 2006 bonds. These bonds are guaranteed by an insurance policy from Financial Guaranty Insurance Co. (FGIC). However, since FGIC is unrated, the long-term ratings on the bonds should be the same as the underlying ratings (AA-/Stable SPUR) on the bonds.
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and 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. Use the Ratings search box located in the left column.
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