Fitch Ratings takes the following rating action on Pinal County Municipal Property Corporation’s (AZ) certificates of participation (COPs):
–$56.8 million series 2004 affirmed at ‘A+’.
Additionally, Fitch affirms the county’s implied unlimited tax general obligation (GO) rating at ‘AA-‘.
The Rating Outlook is Stable.
SECURITY
The bonds are secured by lease payments from the county to the trustee, subject to annual appropriation by the county.
KEY RATING DRIVERS
SOUND FINANCIAL POSITION: The county has shown a willingness to raise revenues and cut costs in order to maintain solid reserves throughout the recession. Officials project a net surplus for the current year and a balanced fiscal 2014 budget benefiting from sales tax growth and ongoing cost management.
