Glendale, AZ General Obligation Bond Rating Outlook Revised To Positive On Strong Finances, Reserves

DALLAS (S&P Global Ratings) Aug. 8, 2024--S&P Global Ratings revised the outlook to positive from stable and affirmed its 'AA' long-term and underlying rating (SPUR) on Glendale, Ariz.'s existing general obligation (GO) and appropriation debt. In addition, we assigned our 'AA' long-term rating to the city's anticipated $43.5 million series 2024 GO bonds. Lastly, we affirmed our 'AA-' long-term rating on the city's existing certificates of participation (COPs). "The outlook revision reflects Glendale's demonstrated strong budget management practices and financial resiliency across economic cycles, which has yielded steady operating surpluses and an accumulation of exceptionally high reserves while managing its growth-related needs," said S&P Global Ratings credit analyst Daniel Golliday. "This is in conjunction with our expectation that continued improving

...August 8, 2024 DALLAS (S&P Global Ratings) Aug. 8, 2024--S&P Global Ratings revised the outlook to positive from stable and affirmed its '##' long-term and underlying rating (SPUR) on Glendale, Ariz.'s existing general obligation (GO) and appropriation debt. In addition, we assigned our '##' long-term rating to the city's anticipated $43.5 million series 2024 GO bonds. Lastly, we affirmed our '##-' long-term rating on the city's existing certificates of participation (COPs). "The outlook revision reflects Glendale's demonstrated strong budget management practices and financial resiliency across economic cycles, which has yielded steady operating surpluses and an accumulation of exceptionally high reserves while managing its growth-related needs," said S&P Global Ratings credit analyst Daniel Golliday. "This is in conjunction with our expectation that continued improving economic and demographic growth trends will more closely align to levels similar to rated peers over time, all of which...

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