Fitch Ratings takes the following rating action on Queen Creek, AZ’s outstanding debt:
–$23.9 million excise tax and state shared revenue obligations, series 2007 affirmed at ‘A+’;
–$47.4 million improvement district no. 1 improvement bonds affirmed at ‘A-‘.
Additionally, Fitch affirms the town’s implied unlimited tax general obligations (GO) at ‘A+’.
The Rating Outlook is Stable.
SECURITY
The excise tax and state shared revenue obligations are secured by a first lien on local excise taxes and a pledge of state shared revenues subordinate only to certain outstanding Greater Arizona Development Authority (GADA) loans.
The improvement district bonds are secured by special assessments imposed upon real property within the district assessed for expenses associated with various infrastructure improvements, with the town responsible for assessment deficiencies according to bond provisions.
