The 'AA' rating on Glendale, Ariz.'s GO bonds reflects the city's: Participation in the strong, diverse Phoenix MSA economic base; Growing tax base; Historically strong financial management; and Manageable debt burden with rapid amortization. Average income and wealth levels are an offsetting factor. Glendale is in Maricopa County, in the northwest portion of the Phoenix MSA, about nine miles from downtown Phoenix, Ariz., and has benefited from strong historical population and economic growth. The local economy is centered on the aerospace, communications, health, chemical, and agriculture industries. Leading employers include Luke Air Force Base, Arrowhead Towne Center, Thunderbird Samaritan Health System, and Honeywell International Inc. Business-Jet. Unemployment of 5.4% was below the 5.7% national average in 2002. Market value of
