S&P Global Ratings assigned its 'AA+' long-term rating to Glendale , Ariz.'s anticipated $50.1 million series 2025 senior excise tax revenue and revenue refunding obligations. The outlook is positive. The senior excise tax obligations are secured by a first-lien pledge of Glendale?s unrestricted revenue that includes its local sales tax, state-shared sales and income taxes, and franchise tax. The obligation proceeds comprise two components. First, is the current refinancing of the series 2015A senior excise tax revenue obligations to achieve net present value savings. Second, is the issuance of bonds to fund ongoing capital projects of the city which include the city?s downtown campus redevelopment project, energy savings projects, street scalloping and improvements to various city parks. Concurrently with the
