Home Credit Ratings and Research S&P Global Ratings’ Credit Research Glendale

Summary: Glendale, Arizona; Gas Tax

Published Mar 09, 2011

1593 words — Published Mar 09, 2011

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Abstract:

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 2.9x based on 2010 pledged revenues; An above-average additional bonds test (ABT) that requires pledged revenues provide 2x MADS coverage; The city's access to the diverse economic base of the Phoenix MSA; and An approaching final maturity scheduled for fiscal 2016. The above strengths are partially offset by our view of a declining trend in street and highway revenue receipts and potential changes to the statutory allocation of highway user revenues, which could lower coverage. Glendale's apportionment of state highway user revenue

Brief Excerpt:

RESEARCH Summary: Glendale, Arizona; Gas Tax Publication date: 09-Mar-2011 Primary Credit Analyst: Kaitlyn Connors, San Francisco 415-371-5033; kaitlyn_connors@standardandpoors.com Secondary Contact: Sussan Corson, New York (1) 212-438-2014;...

Report Type:

Summary

Issuer

Glendale

Sector

Public Finance

Country

United States

Region

United States

Format:

HTML

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Glendale, Arizona; Gas Tax" Mar 09, 2011. Alacra Store. May 19, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Glendale-Arizona-Gas-Tax-853186>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Glendale, Arizona; Gas Tax Mar 09, 2011. New York, NY: Alacra Store. Retrieved May 19, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Glendale-Arizona-Gas-Tax-853186>

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