Arizona

Phoenix Plans to Issue $117.9 million of revenue bonds for Sky Harbor Airport, whose traffic appears to be growing after dominant carrier U.S. Airways merged with American Airlines.

A Glendale, Ariz., trash recycling project has fallen to a D rating by Standard & Poor’s after missing its interest payments.

Arizona will have about a third of the money it needs to maintain roads and bridges over the next 25 years, according to the state auditor.

The three states that rely on the Colorado River for their water supplies will not face federal rationing in 2016, a fact that is credit positive for bond issuers in the region, according to Moody’s Investors Service.

Phoenix voters have approved a $31.7 billion transportation plan funded by an increase in a dedicated sales tax.

Car rental taxes collected for stadium bonds must be refunded after their use was found to violate the Arizona constitution, a Maricopa County Superior Court Judge Christopher Whitten has ruled.

The Internal Revenue Service claims that some of the bonds issued in 2013 by the Scottsdale, Ariz., Municipal Property Corp. to refinance the term of a lease for a garage are taxable.

Glendale, Ariz.'s renegotiated lease agreement with the National Hockey League's Arizona Coyotes is a positive factor in the Phoenix suburb's A3 credit rating, according to Moody's Investors Service.

Arizona is looking to reduce interest costs with $168 million of refunding certificates of participation on the heels of recent credit upgrades in an improving economy.

Midwestern University is making private loans to students in partnership with the Glendale Industrial Development Authority and the Illinois Finance Authority, which are coming to market with a total of $30 million of bonds that will fund additional lending.

Glendale Ariz.’s decision to cancel a 15-year contract with the Arizona Coyotes professional hockey team is a positive credit factor for the A3-rated city, according to Moody’s Investors Service. Standard & Poor’s sees negative implications in a pending $200 million lawsuit.

Two years after agreeing to subsidize the National Hockey League’s Arizona Coyotes in the city-owned Arena, the Glendale, Ariz., City Council has voided the deal that costs the city $15 million per year.

Tucson, Ariz., gets a downgrade and a negative outlook from Fitch Ratings as it prepares to issue $78 million of debt.

Arizona’s moves toward a structurally balanced budget earn an upgrade from Standard & Poor’s to AA from AA-minus.

Salt River Project, one of Arizona's largest public utilities, saved about $90 million or 14% on a $924 million issue that combined $300 million of new money with refunding of outstanding debt, officials said.

After three years of negotiations, the Los Angeles Department of Water and Power is seeking final approval to sell its 21.2% stake in the coal-fired Navajo Generating Station in Page, Ariz., to the Salt River Project.

With its economy recovering, Arizona this month paid off the last of $44 million in federal loans for unemployment benefits, officials said.

Arizona's Salt River Project, one of the most highly rated credits in the public power sector, plans to issue $833 million of revenue bonds, an amount that could grow based on market demand.

Arizona will not need to use its rainy day fund to balance the budget after April revenues came in much stronger than expected, officials said.

Standard & Poor’s has shifted its outlook on Mesa, Ariz.’s utility debt to negative after transfers of revenue to the city’s general fund.