Bangkok--22 May--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A+' rating to Arizona's series 2010B certificates of participation (COPs). Standard & Poor's also affirmed the state's 'AA-' issuer credit rating (ICR) and its 'A+' rating and underlying rating (SPUR) on the state's outstanding COPs and lease revenue debt. The outlook is negative.
"The rating is based on the state's diverse economy and good long-term economic prospects despite a recent trend of general fund deficits," said Standard & Poor's credit analyst Matthew Reining.
The negative outlook reflects our opinion of the state's diminished financial flexibility, which is a result of softening revenue streams and reduced reserves.
We understand that the series 2010B proceeds will be deposited into the state's general fund to fund fiscal 2010 appropriated expenditures.
RELATED CRITERIA AND RESEARCH
USPF Criteria: GO Debt, Oct. 12, 2006
USPF Criteria: Appropriation-Backed Obligations, June 13, 2007
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.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Matthew Reining, San Francisco (1) 415-371-5044
Sussan Corson, New York (1) 212-438-2014