Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Glendale, Ariz.'s $36.645 million series 2004 GO bonds. The rating reflects the city's: Participation in the strong, diverse Phoenix MSA economic base; Growing property tax base; Historically strong financial management; and Moderate to high debt burden, offset by 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 the city 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
