SAN FRANCISCO (Standard&Poor's) March 5, 2014--Standard&Poor's Ratings Services lowered its long-term and underlying rating (SPUR) to 'BBB+' from 'A-' on Glendale, Ariz.'s general obligation (GO) bonds. The outlook is negative. "The lowered rating reflects the application of our local GO criteria published Sept. 12, 2013," said Standard&Poor's credit analyst Kate Burroughs. "The rating is further depressed by the city's weak management practices and its history of ongoing budgetary imbalance," Ms. Burroughs added. Glendale's local economy is adequate in our view. The city's roughly 250,000 residents benefit from the area's participation in the broad and diverse Phoenix metropolitan area. RELATED CRITERIA AND RESEARCH Related Criteria USPF Criteria: Local Government GO Ratings Methodology And Assumptions, Sept.
