...March 19, 2024 DALLAS (S&P Global Ratings) March 19, 2024--S&P Global Ratings assigned its '##+' long-term rating to Glendale, Ariz.'s estimated $143 million series 2024 senior-lien excise tax revenue and revenue refunding obligations. At the same time, we affirmed our '##+' long-term rating on the city's existing senior-lien excise tax revenue obligations and the senior-lien excise tax revenue obligations, issued by Glendale Municipal Property Corp. (MPC) on behalf of the city. The outlook is stable. The series 2024 obligations are secured by a first-lien pledge of Glendale's unrestricted revenue that includes its local sales tax, state-shared sales and income taxes, and franchise tax. A first-lien pledge of the city's unrestricted revenue that includes excise, transaction privilege, franchise, and income tax revenues, under a lease agreement between Glendale MPC and the City of Glendale, secure the MPC's senior excise tax revenue obligations outstanding. Under the city's lease agreement,...
