Pinal County Electric District No. 3, AZ#s Revenue Refunding Bonds Assigned #A# Rating

Stocks and Financial Services Press Releases Tuesday October 4, 2016 08:54
SAN FRANCISCO--4 Oct--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Oct. 3, 2016--S&P Global Ratings assigned its 'A' long-term rating to Pinal County Electric District No. 3 (ED3), Ariz.'s $93.7 million series 2016 electric system revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'A' long-term rating on the district's series 2011 bonds outstanding. The outlook is stable.

"The rating reflects our view of the district's good and consistent financial performance, relatively low-cost supply portfolio, lack of debt issuance plans, good load growth in recent years, and strong financial policies with regard to reserves," said S&P Global Ratings credit analyst Paul Dyson.

Series 2016 bond proceeds will refund a portion of the district's series 2011 bonds outstanding for net present value savings.
The stable outlook reflects our view of ED3's strong liquidity, good coverage metrics and reserve policies, and power cost adjustment mechanism that serves to stabilize finances through cost recovery.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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