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Article: Fitch Affirms Pinal County Municipal Property Corp., (Arizona) COPs at 'A'; Outlook Stable.
- Article from:
- Business Wire
- Article date:
- March 4, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- In the course of routine surveillance, Fitch Ratings affirms the 'A' rating on approximately $90.3 million in outstanding certificates of participation (COPs) issued by Pinal County, Arizona Municipal Property Corporation (the corporation). The Rating Outlook is Stable.
The COPs are payable primarily from lease payments from the county to the trustee, which is acting on behalf of the corporation as lessor. The corporation acquired the facilities and property from the county and assigned its rights to a trustee. The county makes semi-annual lease payments to the trustee in an amount sufficient to pay debt service on the COPs. The county's obligation to ...