Summary: Glendale, Arizona; Appropriations; General Obligation

S&P Global Ratings revised the outlook to positive from stable and affirmed its 'AA' long-term and underlying rating (SPUR) on Glendale, Ariz.'s existing general obligation (GO) and appropriation debt. In addition, we assigned our 'AA' long-term rating to the city's anticipated $43.5 million series 2024 GO bonds. Lastly, we affirmed our 'AA-' long-term rating on the city's existing certificates of participation (COPs). The outlook revision reflects Glendale's demonstrated strong budget management practices and financial resiliency across economic cycles, which has yielded steady operating surpluses and an accumulation of exceptionally high reserves while managing its growth-related needs. This is in conjunction with our expectation that continued improving economic and demographic growth trends will more closely align to levels similar to rated

...Most recent Historical information 2023 2022 2021 Very strong management Financial Management Assessment Strong Adequate debt and long-term liabilities Debt service % of governmental fund expenditures 16.6 19.5 18.2 Net direct debt % of governmental fund revenue 141.0 167.0 190.0 Overall net debt % of market value 2.6 3.6 409.0 Direct debt 10-year amortization (%) 75.6 75.0 67.0 Required pension contribution % of governmental fund expenditures 5.2 6.7 11.0 OPEB actual contribution % of governmental fund expenditures 0.1 0.1 0.1 Strong institutional framework Data points and ratios may reflect analytical adjustments. EBI--Effective buying income. OPEB--Other postemployment benefits....

Summary