Summary: Glendale, Arizona; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to Glendale, Ariz.'s anticipated $63 million series 2023 general obligation (GO) bonds. At the same time, we affirmed our 'AA' long-term and underlying rating (SPUR) on the city's outstanding GO debt. Lastly, we affirmed our 'AA-' long-term rating on the city's outstanding certificates of participation (COP). 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 2023 GO bonds will be used to fund various infrastructure and community enhancement related projects from several bond authorizations that have unissued amounts remaining. Lease rental payments made by the city as lessee secure the city's 2021 COPs. We

...Most recent Historical information 2022 2021 2020 Strong economy Projected per capita EBI % of U.S. 77 Market value per capita ($) 120,925 Population 249,226 County unemployment rate(%) 3.3 Market value ($000) 30,137,653 20,528,088 Ten largest taxpayers % of taxable value 4.8 Strong budgetary performance Operating fund result % of expenditures 23.0 14.5 12.1 Total governmental fund result % of expenditures 36.9 20.4 8.3 Very strong budgetary flexibility Available reserves % of operating expenditures 67.7 49.2 37.1 Total available reserves ($000) 178,674 121,333 83,970 Very strong liquidity Total government cash % of governmental fund expenditures 142 114 84 Total government cash % of governmental fund debt service 727 623 327 Very strong management Financial Management Assessment Strong Weak debt & long-term liabilities Debt service % of governmental fund expenditures 19.5 18.2 25.7 Net direct debt % of governmental fund revenue 167 Overall net debt % of market value 3.6 Direct debt 10-year...

Summary