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Glendale, AZ Subordinate-Lien Revenue Bond Rating Outlook Revised To Negative On Possible Debt Service Coverage Decrease

Published Jan 23, 2012

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Abstract:

CHICAGO (Standard&Poor's) Jan. 23, 2012--Standard&Poor's Ratings Services has revised the outlook on its underlying rating (SPUR) on Glendale, Ariz.'s subordinate-lien water and sewer revenue bonds to negative from stable. At the same time, Standard&Poor's has affirmed its 'AA' SPUR on the bonds. Standard&Poor's has also assigned its 'AA' long-term rating to Glendale's $86.195 million senior-lien water and sewer revenue refunding obligations series 2012. The outlook is negative. The outlook revision reflects several issues. "It is our opinion that the open nature of both the senior and subordinate liens could lower debt service coverage as additional bonds are issued within the next two to three years. It had been our understanding in the

Report Type:

Ratings Action

Issuer

Glendale

Sector

Public Finance

Country

United States

Region

United States

Format:

PDF

Multiple Rating Actions Taken On Glendale, AZ Bonds On Sales Tax Increase And Debt Restructuring – 2012/12/06 – US$ 150.00

Summary: Glendale Municipal Property Corp., Arizona Glendale; Miscellaneous Tax – 2012/12/06 – US$ 225.00

Rating Lowered To 'A-' On Glendale, AZ's GO Bonds Because Of General Fund Deficits – 2012/12/12 – US$ 150.00

Summary: Glendale, Arizona; General Obligation – 2012/12/12 – US$ 225.00

Glendale, AZ SPUR Outlook Revised To Stable On City's Intention To Not Use Water, Sewer Revenues For Arena-Related Costs – 2013/03/08 – US$ 150.00

Summary: Glendale, Arizona; Water/Sewer – 2012/01/23 – US$ 225.00

Glendale, AZ GO Rating Lowered To 'A+' On Reserve Drawdown – 2012/01/23 – US$ 150.00

Summary: Glendale, Arizona; General Obligation – 2012/01/23 – US$ 225.00

Glendale, AZ Excise Tax Debt Outlook Revised To Negative From Stable Due To Declining Debt Service Coverage – 2012/01/20 – US$ 150.00

Summary: Glendale Municipal Property Corp., Arizona Glendale, Arizona; Miscellaneous Tax – 2012/01/20 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Glendale, AZ Subordinate-Lien Revenue Bond Rating Outlook Revised To Negative On Possible Debt Service Coverage Decrease" Jan 23, 2012. Alacra Store. May 19, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Glendale-AZ-Subordinate-Lien-Revenue-Bond-Rating-Outlook-Revised-To-Negative-On-Possible-Debt-Service-Coverage-Decrease-933005>

APA:	S&P Global Ratings’ Credit Research. (). Glendale, AZ Subordinate-Lien Revenue Bond Rating Outlook Revised To Negative On Possible Debt Service Coverage Decrease Jan 23, 2012. New York, NY: Alacra Store. Retrieved May 19, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Glendale-AZ-Subordinate-Lien-Revenue-Bond-Rating-Outlook-Revised-To-Negative-On-Possible-Debt-Service-Coverage-Decrease-933005>

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