Fitch Downgrades Scottsdale, AZ IDR, Excise Tax Revs to ‘AA+’ from ‘AAA’; GOs Affirmed at ‘AAA’

The downgrade of Scottsdale’s IDR [Issuer Default Rating] to ‘AA+’ from ‘AAA’ is due to concern that the city’s financial resilience cushion, combined with its constrained independent revenue-raising ability, increase its vulnerability to periodic downturns given the heavy dependence on economically sensitive revenues…

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