Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA from AA-minus on the Yuma Municipal Property Corp., Ariz.'s series 2010 senior-lien excise tax revenue bonds, issued for the city of Yuma.
At the same time, Standard & Poor's assigned its AA-minus rating to the corporation's series 2015 senior-lien excise tax revenue and revenue refunding bonds. The outlook is stable.
"The upgrade on the series 2010 bonds reflects our opinion of the significant increase in maximum annual debt service coverage, to over 17x, after fiscal 2016 following the refunding of the city's series 2003B and 2007B bonds, and the closure of the senior lien to additional parity debt," said Standard & Poor's credit analyst Sarah Sullivant.
