...April 28, 2020 CENTENNIAL (S&P Global Ratings) April 28, 2020--S&P Global Ratings lowered its long-term rating to 'A+' from '##-' on Glendale, Calif.'s electric revenue bonds. The outlook is stable. Glendale Water and Power (GWP, or the utility) serves electricity in the city. The bonds are secured by GWP's electric system net revenue. "The rating action reflects our view that GWP faces considerable exposure to wildfires and the potentially significant resulting liability because of the geographic footprint of the utility's service territory," said S&P Global Ratings credit analyst Timothy Meernik. We view GWP as having greater environmental risk than peers do because of the substantial amount of service area and customer meters in elevated or extreme fire-threat areas. The stable outlook reflects our view of GWP's residential customer base, diverse power supply, and financial metrics that provide operational flexibility....
