NEW YORK (Standard&Poor's) Jan. 20, 2012--Standard&Poor's Ratings Services revised its outlook to negative from stable on Glendale Municipal Property Corp., Ariz.'s senior-lien excise tax revenue refunding bonds, Glendale, Ariz.'s second-lien series 14 and 16 certificates of participation (COPs), and Western Loop 101 Public Facility Corp., Ariz.'s third-lien excise-tax revenue bonds. "We base the outlook revision on continued declines in pledged revenue as well as general fund pressures that have contributed to a restructuring of senior-lien maximum annual debt service and reduced pro forma coverage," said Standard&Poor's credit analyst Sussan Corson. Should revenue trends fail to stabilize in the next two years or if debt issuance or restructuring materially weakens maximum annual debt service (MADS)
