Arizona

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.

Arizona gets a ratings lift from Moody's Investors Service to Aa2 from Aa3 as analysts cite efforts to stabilize the state budget.

With a Standard & Poor's upgrade to AA-plus on its subordinated debt, Phoenix is looking for significant savings with a $391 million refunding of revenue bonds that include taxable and tax-exempt issues.

A $110 million Glendale, Ariz., plant designed to turn debris into energy has fallen to the junk-bond category after the private operator required another $8 million of debt to make the plant operational.

Despite an $11.5 billion backlog of maintenance at national parks across the country, the National Park Service continues to take on new properties in New Mexico and other states.

Williams, Ariz., the "Gateway to the Grand Canyon," is developing plans for a theme park that could cost $400 million and help the town of 3,023 capture more revenue from the more than 4 million visitors to the canyon each year.

Williams, Ariz., the self-proclaimed “Gateway to the Grand Canyon,” is working on a plan to sidetrack tourists to an amusement park and railroad museum that could be financed with $400 million of revenue bonds.

The Internal Revenue Service is expected to challenge the Scottsdale Municipal Property Corporation’s allocation of some its 2013 bonds to refinance a lease agreement in connection with to a garage adjacent to the largest luxury shopping mall in Arizona.

For the third time in three years, Phoenix voters will be asked to approve changes in the city’s pension formula in hopes of making the retirement system more sustainable.

The Arizona Department of Transportation can begin acquiring right-of-way for the 22-mile-long Loop 202 South Mountain Freeway after the Federal Highway Administration issued its record of decision approving the project.

Moody's Investors Service has raised its outlook to stable from negative on the University of Arizona as it prepares a $228 million debt issue at the end of the month.