Summary: Glendale, Arizona; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to Glendale, Ariz.'s anticipated $13.06 million series 2021 general obligation (GO) bonds. At the same time, we assigned our 'A+' long-term rating to Glendale's anticipated $253.19 million taxable 2021A certificates of participation (COPs). Lastly, we affirmed our 'AA-' long-term and underlying rating (SPUR) on the city's existing GO debt. The outlook is stable. The city's unlimited ad valorem property tax pledge on all taxable property in the city secures the GO bonds. Proceeds from the series 2021 GO bonds will be used to fund various infrastructure-related projects from several bond authorizations that have unissued amounts remaining. Lease rental payments made by the city, as lessee secure the 2021 COPs. We rate this

...S&P Global Ratings assigned its '##-' long-term rating to Glendale, Ariz.'s anticipated $13.06 million series 2021 general obligation (GO) bonds. At the same time, we assigned our 'A+' long-term rating to Glendale's anticipated $253.19 million taxable 2021A certificates of participation (COPs). Lastly, we affirmed our '##-' long-term and underlying rating (SPUR) on the city's existing GO debt. The outlook is stable. The city's unlimited ad valorem property tax pledge on all taxable property in the city secures the GO bonds. Proceeds from the series 2021 GO bonds will be used to fund various infrastructure-related projects from several bond authorizations that have unissued amounts remaining. Lease rental payments made by the city, as lessee secure the 2021 COPs. We rate this obligation one notch lower than the city's general creditworthiness to account for the appropriation risk associated with the lease payments. The city has pledged its best efforts to seek appropriations annually out...

Summary