UPDATE 1-S&P, Moody's revise outlook on Arizona to positive from stable
SAN FRANCISCO Nov 26 (Reuters) - Standard & Poor's Ratings Services and Moody's Investors Service on Tuesday revised their outlooks on Arizona to positive from stable, citing the state's improved finances.
"We base the outlook revision on improved budget stabilization fund balances and limited debt and debt issuance plans," S&P said in a statement, adding that it affirmed its AA-minus issuer credit rating on Arizona.
S&P also revised its outlook on Arizona's outstanding certificates of participation to positive from stable and affirmed their A-plus rating.
Moody's affirmed Arizona's Aa3 issuer rating and related lease-backed ratings, in addition to revising the outlook to positive.
"The positive outlook reflects recent strong economic trends and the expectation of continued growth in the near term, combined with improvement in the state's liquidity and General Fund balances," Moody's said in a statement.