Fitch Ratings Upgrades Rio Nuevo Outlook From Negative To Stable, Maintains Rating

Fitch Ratings of New York today released its annual review of the credit worthiness of the Rio Nuevo District and improved their outlook to stable. Fitch cited several reasons for the outlook upgrade and specifically mentioned the new Intergovernmental Agreement with the Arizona Department of Revenue that allows the District the ability to track sales tax receipts for the first time.

Fitch also mentioned the increased restaurant business downtown and the retail developments at El Con as ratings drivers.

” Fitch, as always, is very thorough and we value their recognition of our improving economics and transparency”, said Fletcher McCusker, Rio Nuevo Chairman.

Click Here for the Full Ratings Release