Standard&Poor's Ratings Services assigned its 'AA' standard long-term rating, and stable outlook, to Glendale, Ariz.'s series 2009 $41.65 general obligation (GO) bonds. Standard&Poor's also affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's preexisting GO debt. The ratings reflect our view of the city's: Participation in the diverse Phoenix metropolitan statistical area (MSA) economic base, and Strong financial position supported by comprehensive management policies. Credit factors that mitigate these strengths include our view of the city's: Sluggish regional and local economy leading to declining general fund revenues; and Above-average overall net debt burden, including all overlapping and direct tax-supported debt. An unlimited ad valorem tax on all taxable property within the city secures
