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Article Excerpt
Fitch Ratings assigns an 'AAA' rating to Maricopa County Community College District, Arizona's (the district) $220 million general obligation (GO) bonds, project of 2004, series C (2009). In addition, Fitch affirms the 'AAA' rating on the approximately $507 million in outstanding parity bonds. The Rating Outlook is Stable.
Scheduled for a competitive sale March 24, 2009, the bonds are secured by the proceeds of an unlimited ad valorem tax levied against all taxable property within the district. The series C bonds represent the third issuance of a $951 million bond program authorized by district voters in November 2004 by a high 76% of the vote.
The 'AAA' rating reflects the district's large and growing population base, expansive and diverse employment and tax base, a continued trend of solid financial performance, excellent long-term planning, and above-average debt amortization. In assigning this rating, Fitch also considered the district's low to moderate debt ratios, despite its large capital plan, and...
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