Fitch Rates Pinal Co, Arizona Excise Tax Revs ‘AA-‘; Outlook Stable

AUSTIN, Texas–(BUSINESS WIRE)–Fitch Ratings has assigned an ‘AA-‘ rating to the Pinal County (the county), Arizona’s following obligations:

–$39 million pledged revenue refunding obligations, tax-exempt series 2015A;

–$3.7 million pledged revenue obligations, taxable series 2015B.

The bonds are scheduled for a negotiated sale the week of March 30, subject to market conditions. Proceeds of series 2015A will refund outstanding series 2004 certificates of participation (COPs). Series 2015B proceeds will reimburse the county for monies advanced by the county to advance refund $3.6 million of the 2004 COPs on March 23, 2015.

Fitch affirms the following outstanding obligations:

–$52.7 million pledged revenue obligations, series 2014 at ‘AA-‘;

–$40.3 million pledged revenue refunding obligations, series 2014 at ‘AA-‘;

–$48.7 million (pre-refunding basis) COPs, series 2004 at ‘A+’.

Additionally, Fitch affirms the county’s implied unlimited tax general obligation (GO) rating at ‘AA-‘.

The Rating Outlook is Stable.

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