By Queen Creek Independent
Standard & Poor’s and Fitch Ratings have both assigned an “AA” rating to Queen Creek’s certificates of participation to purchase 1.2-million-acre feet of water over 100 years from the Harquahala Valley basin for more than $244 million.
S&P and Fitch Ratings also affirmed the town’s issuer credit rating at “AA+,” “one notch below the highest possible rating, with a stable outlook,” according to a town press release.
The water will be received in increments of 12,000 acre-feet per year. An acre-foot is enough water to cover 1 acre in 1 foot of water, or about 326,000 gallons.
The purchase will be funded with the certificates and a Water Infrastructure Financing Authority loan.
