Fitch Affirms Queen Creek Improv Dist No. 1, Arizona's Special Assessment Bonds at 'BBB'

NEW YORK--(Business Wire)--
In the course of routine surveillance, Fitch Ratings affirms its 'BBB' rating on
Queen Creek Improvement District No. 1 (the district), Arizona's $52.9 million
outstanding special assessment improvement refunding bonds, series 2006. The
Rating Outlook is Stable.

The 'BBB' rating reflects the very small size of the district, and the limited
tax base of the Town of Queen Creek (the town) which administers and supports
the district.

The bonds are secured by special assessments collected by the town and imposed
on the real property located within the boundaries of the district. Annual
assessment revenue is projected by town management at $3.9 million, and the
annual principal and interest payment on the bonds currently equals $2.7
million.

Delinquent property is subject to public auction 45 days after a missed
assessment payment, and the auction price includes all penalties and
delinquencies. If there is no other purchaser, the town is required either to
purchase the property or make the delinquent payments to cover debt service.
Assessments represent a first lien on the property, on parity with those for
general taxes, and are senior to any mortgage lien.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Tom Cowell, 212-908-9130, New York
Andy Kaaz, 512-215-3730, Austin
or
Media Relations:
Cindy Stoller, 212-908-0526, New York
Email: cindy.stoller@fitchratings.com

Copyright Business Wire 2009