The upgrade on Glendale, Ariz.'s bonds reflects increasing and extremely strong financial reserves, and maintenance of low debt despite rapid population growth and resultant capital needs. The rating also reflects: * Participation in the Phoenix metropolitan area's large, diverse and growing economy; * Wealth and income indicators that are approximately equal to state and national averages; * Consistently strong general fund finances, including balanced operating budgets and large, growing fund balances; and * A low direct debt burden with a fast 10-year amortization. Glendale, situated in the northwest portion of the Phoenix metropolitan area, has benefited from the region's strong population and economic growth. The city's population has increased by over 30% since 1990 to 192,000 residents. Population growth has
