NEW YORK (Standard&Poor's) Sept. 24, 2007--Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Glendale, Ariz.'s $110 million series 2007 transportation excise tax revenue obligations. The rating reflects the city's underlying credit strengths ('AA' GO debt rating), including its participation in the diverse Phoenix metropolitan statistical area; solid maximum annual debt service coverage of 2.1x; and sound legal covenants with an additional bonds test of 2.0x maximum annual debt service and 1.5x debt service coverage. "We believe Glendale's large sales tax base and current excise tax growth will continue to provide adequate maximum annual debt service coverage and that city management will adhere to its sound legal covenants," said Standard&Poor's credit analyst
