Glendale Municipal Property Corp., AZ Bond Ratings Lowered To 'AA' On Criteria Application

CENTENNIAL (S&P Global Ratings) Dec. 31, 2019--S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to 'AA' from 'AA+' on Glendale, Ariz.'s senior-lien excise tax revenue bonds and the senior-lien excise tax revenue bonds issued by Glendale Municipal Property Corp. (MPC) on behalf of the city. The outlook is stable. "The rating action reflects the application of our priority-lien tax revenue debt criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both the strength and stability of the pledged revenue, as well as the general credit quality of the city, where taxes are distributed and collected," said S&P Global Ratings credit analyst Chase Ashworth. "In our opinion, the underlying rating is constrained by our view of the

...December 31, 2019 CENTENNIAL (S&P Global Ratings) Dec. 31, 2019--S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to '##' from '##+' on Glendale, Ariz.'s senior-lien excise tax revenue bonds and the senior-lien excise tax revenue bonds issued by Glendale Municipal Property Corp. (MPC) on behalf of the city. The outlook is stable. "The rating action reflects the application of our priority-lien tax revenue debt criteria, published Oct. 22, 2018, on RatingsDirect, which factors in both the strength and stability of the pledged revenue, as well as the general credit quality of the city, where taxes are distributed and collected," said S&P Global Ratings credit analyst Chase Ashworth. "In our opinion, the underlying rating is constrained by our view of the city's underlying creditworthiness." A first-lien pledge of the city's local sales tax, state-shared sales and income taxes, and franchise tax secures the senior excise tax revenue bonds. State-shared revenue includes...

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