Standard & Poor's Ratings Services raised its underlying rating to A-plus from A on Pinal County Electrical District No. 2, Ariz.'s previously issued series 2007 electric system revenue bonds.
The outlook is stable.
"The raised ratings reflect the district's continued very strong financial performance, which includes strong debt service coverage and maintenance of very strong unrestricted cash reserves, as well as greater certainty over future power supply resources," said Standard & Poor's credit analyst Paul Dyson.
The district has a business profile of 4 based on Standard & Poor's 10-point scale, where 1 is the highest score. The score of 4 reflects competitive rates, slightly below-average income levels, a moderately concentrated customer base, the district's status as a distribution-only system, and a diverse purchased-power portfolio.
