Standard&Poor's Ratings Services raised its rating on Glendale, Ariz.'s street and highway user revenue bonds outstanding to 'AA-' from 'A+' due to steady pledged revenue growth, combined with ongoing population growth and good debt service coverage. Standard&Poor's also assigned its 'AA-' rating, and stable outlook, to the city's $14.68 million series 2004 street and highway user revenue and refunding bonds. The rating reflects the city's: Strong diversified economic base ('AA' GO debt rating), Solid 2.6x maximum annual debt service (MADS) coverage from fiscal 2003 revenues, Rapid maturity of debt and limited plans for additional parity debt, and Good 2x historical additional bonds test. The absence of a debt service reserve account mitigates these strengths. A first-lien
