PLAYING THE MARKET

In effect, experts say, the county admits in the more recent statement the information that should have been disclosed much earlier.

Mushell and Hitchcock, the two bond raters who watch Maricopa County's finances most closely, say they are mildly encouraged by the county's newfound financial openness.

But digging out of the hole, unfortunately, will require more debt up front.
"I think they're on the right track," Mushell says. "The hard part is, it's a long track. When you don't have money, it costs much more to get money than when you do have money.