Summary: Glendale, Arizona; Appropriations; General Obligation

S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA' from 'AA-' on Glendale, Ariz.'s existing GO debt. At the same time, we raised our long-term rating to 'AA-' from 'A+' on the city's existing appropriation-backed debt. Lastly, we assigned our 'AA' on the city's anticipated $39.9 million series 2022 general obligation (GO) bonds. The outlook is stable. The upgrade reflects our view of the city's continued economic growth, which has translated to a material improvement in its underlying economic metrics that are more comparable with similar-rated peers. Despite significant economic expansion in recent years, management has demonstrated its ability to control growth without over leveraging given that the city's financial management discipline has become more institutionalized

...S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to '##' from '##-' on Glendale, Ariz.'s existing GO debt. At the same time, we raised our long-term rating to '##-' from 'A+' on the city's existing appropriation-backed debt. Lastly, we assigned our '##' on the city's anticipated $39.9 million series 2022 general obligation (GO) bonds. The outlook is stable. The upgrade reflects our view of the city's continued economic growth, which has translated to a material improvement in its underlying economic metrics that are more comparable with similar-rated peers. Despite significant economic expansion in recent years, management has demonstrated its ability to control growth without over leveraging given that the city's financial management discipline has become more institutionalized allowing the city to navigate internal and external pressures. The city's unlimited ad valorem property tax pledge on all taxable property in the city secures the GO bonds. Proceeds from...

Summary