Standard&Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'BBB+' long-term rating and underlying rating (SPUR) on Glendale, Ariz.'s existing general obligation (GO) bonds due to the city posting an operational surplus for the second consecutive year after several years of operational imbalance. At the same time, Standard&Poor's assigned its 'BBB+' long-term rating to the city's series 2015 GO refunding bonds. Revenue from an unlimited ad valorem tax on all taxable property within the city secures the bonds. The rating reflects our assessment of the city's: Weak economy, which participates in the Phoenix metropolitan area; Weak management conditions, with a recent history of ongoing budgetary imbalance; Strong budgetary performance, with reported operational
