Arizona

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.

In a marathon session that lasted all night Friday and well into Saturday morning, the Arizona Legislature passed a $9.1 billion budget that even some supporters said they regretted.

Bondholders have authorized an $8 million increase in debt for a Glendale, Ariz., project designed to convert trash into energy. A dispute with the city has stymied the operation, leading to a five-notch downgrade from Standard & Poor's.

Arizona Gov. Doug Ducey and Republican legislative leaders have reached agreement on a $9.1 billion budget that cuts higher education spending by 14% and delays plans to build a private prison.

Phoenix voters will consider a plan to fund $33 billion of transportation programs through 2050 with a 0.72-cent sales tax.

Phoenix Sky Harbor Airport remains vulnerable to service reductions after the merger of its major carrier US Airways and American Airlines, according to Standard & Poor's. Otherwise, the outlook on the airport’s AA-minus rating is stable.

A bill that reduces Arizona's income tax revenue by $15.4 million in the next fiscal year won state Senate approval despite the state's anticipated $1 billion budget deficit.

Affluent Scottsdale, Ariz., will offer investors $160 million of top-rated general obligation refunding bonds and $117 million of excise-tax revenue bonds that are doubly tax-exempt in the Grand Canyon State.

After bearing the cost of its second Super Bowl, Glendale, Ariz., expects to finish a series of refundings this week with more than $44 million in present value savings so far.

Arizona State University will begin a major remodeling of its 56-year-old Sun Devil Stadium this spring, financed in part by a $356 million bond deal coming to market Feb. 24.

Standard & Poor's lowered the outlook on Arizona State University's AA rating based on prospects for increased debt issuance over the next two years, the agency said.