Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Glendale Municipal Property Corp., Ariz.'s $11.55 million series 2004A municipal property corporation excise tax revenue bonds, issued for the city of Glendale, Ariz. Standard&Poor's also affirmed its 'AA-' Standard&Poor's underlying rating (SPUR) on the city's junior-lien excise tax revenue debt outstanding. The ratings reflect the city's: Underlying credit strengths ('AA' GO debt rating), including its participation in the diverse Phoenix MSA; Strong senior maximum annual debt service (MADS) coverage of 6.8x; and Good legal covenants, including a 3x additional bonds test (ABT) for the senior-lien debt. Offsetting factors include the city's: Potential for slow growth or decline in state-shared revenues over the next
