Standard & Poor’s (S&P) and Fitch Ratings, leading providers of credit ratings, both assigned a ‘AA’ rating to the Town of Queen Creek’s Certificates of Participation (COP). S&P and Fitch Ratings also affirmed the Town’s Issuer Credit Rating (ICR) at ‘AA+’, one notch below the highest possible rating, with a stable outlook.
The COP ratings are significant as the Town prepares to fund the purchase of 1.2-million-acre feet of water (over 100 years) from Harquahala Valley. The purchase will be funded with COPs and a Water Infrastructure Financing Authority (WIFA) loan.
“These favorable rating assignments are critical in securing lower interest rates,” stated Queen Creek Deputy Town Manager and Chief Financial Officer Scott McCarty. “The Town continues to be in a solid financial position, supported by these independent ratings. This is a historic investment in the Town’s future, and the rating agencies recognized the fortitude of the Town Council with this, and previous, strategic decisions.”
The COPs are scheduled for sale in January 2026. Investing in this water supply will allow the Town to become water self-sufficient, transitioning away from local groundwater pumping and replenishment obligations through Central Arizona Groundwater Replenishment District (CAGRD).
“It really cannot be stated enough, this water investment is an investment that will benefit our customers today and for generations to come,” stated Vice Mayor Martineau. “The additional water from Harquahala is a major step towards securing a more reliable and locally controlled water future.”
Harquahala Water
Earlier this year, the Town purchased 500,000-acre feet of water (over 100 years) from Harquahala Valley, providing a proof of concept for this source of water. Harquahala Valley is a water storage basin designated by the State for transportation to other areas. The proof of concept included a hydrology study that demonstrated there is 8.2 million acre-feet of water available for transport over 100 years.
At the Nov. 19, 2025, meeting, the Town approved the funding of the additional 1.2-million-acre feet of water using COPs and WIFA for an amount not to exceed $250 million. The price of water continues to rise, and the water from Harquahala Valley is a reliable source, not subject to drought and significantly reduces local groundwater pumping. This additional water makes 90% of the Town’s water supply insulated from water cuts and drought conditions.
Queen Creek’s Rating History
The Town has received a series of credit rating increases over the years, with both S&P and Fitch Ratings upgrading the Town’s rating to AA+ in 2022. Key rating drivers noted include high financial resilience / sound financial profile, strong population trends and demographics, and consistent long-range planning.
For more information about the reports or rating agencies, visit
S&P. and
Fitch Ratings. For more information about the Town’s strategy for water self-sufficiency, visit
QueenCreekAZ.gov. To keep updated on Town news and events, follow
Facebook.com/QueenCreek or
X.com/TownofQC.
Media Contact
Constance Halonen-Wilson, Communications & Marketing Manager
480-358-3195
QCPIO@QueenCreekAZ.gov