Maricopa earned near-flawless marks on its financial report card this week.
S&P Global, a nationally recognized credit rating agency, awarded Maricopa an AA+ rating Tuesday for its proposed $41 million revenue bond to fund capital improvement projects.
S&P awards the AA+ rating based on a “very strong capacity to meet financial commitments.” The only higher rating is AAA.
The rating was given based on a review of financial documents — like bank loans and debt sheets — in the context of the city’s current economic outlook.
In a summary, S&P said the city’s “exponential economic growth” along with sales tax revenue trends and growth plans helped secure the favorable rating.
City Manager Rick Horst said the rating solidifies Maricopa’s “strong financial position” in both short- and long-term projections.
“Our city has the potential to be a place that creates shared prosperity, opportunity and well-being; a place able to deploy significant resources and leadership to create a cohesive and connected community,” Horst said.
During an Oct. 3 meeting, city officials discussed the bond, which would aid in funding around $622 million in road projects around the city.
Officials requested a review to confirm the city’s ability to repay within 20 years.
Horst said in an email to InMaricopa the bond “carries no tax responsibility to our citizens.”
Instead, the bond is tied to city sales tax and state-shared revenues.
Some of the projects include road improvements to State Routes 347 and 238, Maricopa-Casa Grande Highway, traffic signals and streetlights around town.