July 3, 2013
Fitch Ratings Affirms Rio Nuevo Bond Ratings of A and A+
The Fitch bond rating service today released its rating analysis and outlook of the last two
remaining Rio Nuevo bonds, the 2008 $71,300,000 series and the the $11,8000,000 2009
Certificates of Participation that are tied to the city of Tucson lease of the Tucson Convention
The Certificates of Participation outlook was changed from stable to negative consistent with
Fitch’s recent outlook for all city of Tucson debt. The repayment source fro the 2009 Certificates
is the city of Tucson through its leaseback of the TCC.
The stand alone 2008 Rio Nuevo series bonds are backed by State of Arizona sales tax revenue
and were given an A rating with a stable outlook.
“While still volatile on a monthly basis Fitch sees the development of favorable trends on most
recent cash-based distributions from the state”, Fitch cites in their report ( the full report is
“We have worked hard to keep Rio Nuevo’s credit rating at the A and A plus level”, said Fletcher
McCusker, Chairman of Rio Nuevo. “We are pleased that Fitch has recognized the improving
TIF revenue and acknowledgement of our work to revitalize downtown.”