Standard&Poor's Ratings Services lowered its long-term and underlying rating (SPUR) to 'BBB+' from 'A-' on Glendale, Ariz.'s general obligation (GO) bonds based on the application of our local GO criteria published Sept. 12, 2013. The outlook is negative. Revenue from an unlimited ad valorem tax on all taxable property within the city secures the bonds. The rating reflects our assessment of the following factors for the city: Weak management, with a recent history of ongoing budgetary imbalance; Very weak budget flexibility, with a negative available fund balance in fiscals 2012 and 2013; and Very weak debt and contingent liability profile. Our view of tempering factors includes the city's: Adequate economy, which participates in the Phoenix metropolitan area; Adequate
