SAN FRANCISCO (Standard&Poor's) Dec. 12, 2012--Standard&Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'A-' from 'A+' on Glendale, Ariz.'s general obligation (GO) bonds. The outlook is negative. "The rating action reflects our view of the city's continued general fund deficits and estimated negative 19.5% general fund balance for fiscal 2012," said Standard&Poor's credit analyst Alda Mostofi. The negative fund balance primarily results from large payments representing nearly 20% of city general fund expenditures in the past two years, for management fees related to the hockey arena. The ratings further reflect our view of the city's: Participation in the diverse Phoenix metropolitan statistical area economic base; Moderate overall net debt burden,
