Standard&Poor's Ratings Services affirmed its 'AA' underlying rating (SPUR) on Glendale, Ariz.'s street and highway user revenue bonds. The outlook is stable. The rating reflects our view of: Strong maximum annual debt service (MADS) coverage of 2.6x based on 2013 pledged revenues; An above-average additional bonds test (ABT) that requires pledged revenues provide 2x MADS coverage; and The city's access to the diverse economic base of the Phoenix metropolitan statistical area (MSA). The above strengths are partially offset by recent declines in street and highway revenue receipts, although revenues increased in fiscal 2013. Glendale's apportionment of state highway user revenue funds (HURF)--including fuel taxes, registration and penalty fees, motor carrier taxes, license taxes, and other miscellaneous revenues--secures the
