NEW YORK (Standard&Poor's) Feb. 6, 2006-- Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Glendale, Ariz.'s existing subordinate-lien water and sewer revenue obligations one notch to 'AA' from 'AA-' based on the expectation that the subordinate-lien structure will become the system's working lien and that the amount of senior-lien debt will be limited. The outlook is stable. In addition, the rating agency assigned its 'AA' standard long-term rating, and stable outlook, to the city's $80 million series 2006 subordinate-lien water and sewer revenue obligations. The bonds are scheduled to sell on Feb. 7. Standard&Poor's also affirmed its 'AA' SPUR, and stable outlook, on the city's senior-lien water and sewer revenue bonds. The ratings
