Medians And Credit Factors On Arizona Counties And Municipalities Published

CENTENNIAL (S&P Global Ratings) March 15, 2019--S&P Global Ratings today 
published its "Medians And Credit Factors: Arizona Counties And Municipalities.
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"Arizona counties' and municipalities' credit quality has remained positive 
overall, in our view, supported by a rebounding economy, strengthening wealth 
and income indicators, and significant financial flexibility, exemplified by 
median levels of reserves that we consider very strong across all rating 
categories," said S&P Global Ratings credit analyst Alyssa Farrell. "Although 
rising long-term obligations could result in some budgetary pressure in the 
medium term, S&P Global Ratings does not expect any significant changes to the 
credit quality of Arizona municipal sectors over the next year."

S&P Global Ratings maintains public general obligation/issuer credit ratings 
on 22 municipalities and two counties in Arizona. All of the entities that we 
rate maintain at least an upper-medium investment-grade rating ('A-' to 'A+'), 
with 90% in the high investment-grade rating category ('AA-' or above). Since 
March 2018, we've taken five positive rating actions and no negative rating 
actions on municipality and county general obligation bonds.