Standard&Poor's Ratings Services affirmed its 'A+' rating, and stable outlook, on Glendale, Ariz.'s street and highway user revenue bonds. The rating reflects: Stable historical growth in Glendale's apportionment of highway user revenues combined with steady population growth, Glendale's strong diversified economic base ('AA' GO debt rating), Solid 2.6x maximum annual debt service (MADS) coverage, and Good 2.0x historical additional bonds test. Offsetting factors are: The lack of a debt service reserve account, The potential for changes in statutory allocations of highway user revenues to Glendale that could lower coverage, and The fluctuation in motor vehicle registrations and motor vehicle fuel consumption. A first lien pledge on highway user taxes secures the bonds. Located in the northwest portion of
