Standard&Poor's Ratings Services affirmed its 'AA' standard long-term rating, and stable outlook on Glendale, Ariz.'s street and highway user revenue bonds. The rating reflects: Steady pledged revenue growth and solid 3.6x maximum annual debt service (MADS) coverage from fiscal 2006 revenues; Glendale's strong diversified economic base ('AA' GO debt rating); Rapid maturity of debt; and Sound 2x historical additional bonds test. Mitigating factors include: The absence of a debt service reserve account; and The potential for changes to the statutory allocation of highway user revenues or fluctuations in motor vehicle registrations and motor vehicle fuel consumption that could lower coverage. A first-lien pledge on highway user revenues distributed to the city secures the bonds. Glendale, in the northwest
