Standard & Poor’s last week raised the underlying general obligation rating for the Goodyear Community Facilities Utility District No. 1 to A-minus from BBB based on “consistently strong available fund balances and mostly built-out status.”

“Standard & Poor’s believes additional credit factors include the district’s diverse property tax base with strong per-capita effective buying income; participation in the large and diverse Phoenix metropolitan statistical area; bond provisions that require the prepayment of the developer’s contribution in March of the previous calendar year, which provides sufficient time for the district to increase the tax levy in August if necessary; and what Standard & Poor’s considers a moderate direct property-tax rate,” analysts wrote.

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