Arizona

With top credit ratings, the Arizona Water Infrastructure Finance Authority enjoyed strong demand for $345 million of revenue refunding bonds, earning savings of 6.3%.

At least two issuers recently redeemed or said they are planning to redeem bonds issued to finance detention facilities because of private use. One redemption was required under a settlement between the issuer and the Internal Revenue Service and the other was triggered by provisions in the offering document.

The Phoenix City Council has approved a $103 million construction contract for the first phase of a $590 million renovation of Terminal 3 at Sky Harbor International Airport.

Arizona's Treasurer and Republican candidate for governor is easing off calls for elimination of the income tax amid a $520 million deficit in the current fiscal year and a potential $1 billion shortfall in the next.

Moody's Investors Service has shifted the outlook on its A3 rating of Glendale, Ariz., to stable from negative, citing continued improvement and solid liquidity.

As other Arizona cities took on long-term debt for professional sports facilities, the Phoenix suburb of Chandler gave Major League Baseball its walking papers and pursued more promising ventures. Spring training left but prosperity followed.

The Marana Unified School District near Tucson will ask voters for $125 million of bond authority in the Nov. 4 election for an array of projects.

Citing weak debt coverage, Standard & Poor's downgraded Arizona Health Network's revenue bonds to BBB from BBB-plus and retained a negative outlook.

Phoenix has formed a citizens committee to plan for expansion of the city's light-rail after Mayor Greg Stanton said he wanted to triple the length of the existing system over three decades.

Arizona Gov. Jan Brewer said the state will appeal a state district court order to restore $1.6 billion in school funding.

Moody's Investors Service downgraded University Medical Center Corp.'s $330 million of debt to Baa2 and retained a negative outlook as a possible sale of the Tucson, Ariz. hospital develops.

Unpaid medical bills dropped 31% in the first four months of the year after Arizona expanded Medicaid coverage to the working poor, according to a survey by the Arizona Hospital and Healthcare Association.

Moody's Investors Service shifted its outlook on Arizona Sports and Tourism Authority's A1 rating to negative after a court overturned the car-rental tax backing $282 million of stadium bonds.

An Arizona judge has struck down a state car-rental tax that supports $1.2 billion of debt issued for professionals sports stadiums in the state.

Moody's Investors Service has placed the University Medical Center Corp.'s Baa1 rating on review for downgrade after the Tucson nonprofit posted a large operating loss in the first nine months of its fiscal year.

Phoenix will seek savings with a $290 million refunding of general obligation debt scheduled for the week of June 2.

After years of financial struggle, the outlook for Arizona School Facilities Board is improving with a $225 million refunding deal on tap.

Pima County, Ariz., Regional Transportation Authority will issue its second $150 million issue with an upgrade from Standard & Poor's.

Arizona schools are awaiting a ruling on how much the state owes local school districts for money withheld during the recession to help balance the state budget.

Arizona may need another two years to fully recover from the recession of 2008, according to economists at Arizona State University.