The rating on Glendale, Ariz.'s water and sewer bonds reflects a continuation of the growth and diversification within the service area economy. Also reflected is the continued strong system operations, healthy financial operations, and a manageable capital improvement plan. The system provides water and sewer services to a population of about 164,400, and is located in the Phoenix metropolitan statistical area and has benefited from the growth taking place within the region. The development within the Arrowhead Ranch planned community also has contributed to the city's assessed value growth and the stabilization of the its tax base. Assessed value for 1996 is up 10%, following a 3% increase in 1995, as the city has more than regained the declines in
