Moody's Investors Service said it has assigned Aa3 to Queen Creek Unified School District No. 95 (Maricopa County), Ariz.'s $31.92 million school improvement bonds, Projects of 2010 and 2014, Series 2015, and $7.99 million refunding bonds, Series 2015.
Moody's has upgraded to Aa3 from A1 the ratings on the district's $32.43 million of existing parity general obligation bonds.
The upgrade to Aa3 reflects the district's maintenance of healthy levels of available reserves in recent years despite material economic and revenue pressures; moderately sized tax base currently exhibiting robust growth in addition to having favorable long-term growth prospects; and manageable debt and pension liabilities, and no liability for other-post employment benefits (OPEB). The GO rating also reflects the strength of the lockbox collection and payment process for the debt service levy.
