The 'AA' rating on Glendale, Ariz.'s excise tax revenue bonds reflects the city's: Underlying credit strengths (GO rated 'AA'), including its participation in the diverse Phoenix metropolitan area; Very strong debt service coverage level; and Rapid amortization of debt, with the final maturity on these bonds being in 2009. The bonds are payable from installment purchase payment made by Glendale under a lease agreement with the city's municipal corporation. The installment purchase payments are payable and secured by a first lien on the city's excise, transaction privilege, franchise, and income taxes. Glendale (estimated population 223,557) is in Maricopa County in the northwest portion of the Phoenix metropolitan area, approximately nine miles from downtown Phoenix, and benefits from strong historical population
