Marana bond rating improves - Tucson Local Media: Pima Pinal

Marana bond rating improves

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Posted: Tuesday, June 24, 2008 11:00 pm

It may get easier for Marana to borrow money.

Standard and Poor’s Ratings Services recently upped the town’s Municipal Property Corporation bond rating from AA-minus to AA, which will allow the town to borrow money at a lower interest rate.

The town’s strong growth in pledged excise tax revenue, growing population and no additional bonding plans until 2010 helped boost the rating.

Standard and Poor’s also listed several credit weaknesses of the town, such as a 10-percent decline in local sales tax revenue, a decrease in construction-related taxes the town relies heavily on to fund its operations, and a decline in coverage prior to the issuance of the 2008 bonds.

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