Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Glendale, Ariz.'s series 2005 GO bonds. The rating reflects the city's: Participation in the strong, diverse Phoenix MSA economic base; Large and growing property tax base; and Strong financial position. Credit factors that mitigate these strengths include the city's: Below-average per capita income and wealth levels; and Above-average overall net debt burden, including all overlapping and direct tax-supported debt, which is somewhat offset by rapid amortization. Historically, Glendale's financial management and performance have been strong. The city reported a $51 million unreserved general fund balance, or 45% of expenditures, at fiscal year-end 2004. Management is projecting a $56.5 million unreserved general fund balance, or a very strong
