SAN FRANCISCO (Standard&Poor's) June 12, 2015--Standard&Poor's Ratings Services' 'BBB+' rating on Glendale, Ariz.'s existing general obligation (GO) debt is currently unaffected by the city council's recent decision to terminate its arena contract with the Arizona Coyotes, a National Hockey League (NHL) team, although we will monitor the situation. On June 10, 2015, the Glendale city council voted to terminate its arena contract with the Coyotes, which the Coyotes' lawyers have indicated could lead to a lawsuit with $200 million in damages or about 140% of the city's general fund budget. We consider a contingent liability of this magnitude a negative credit factor, however, at this time the circumstances surrounding the lawsuit and whether it will occur
