Summary: Glendale, Arizona; General Obligation

Standard&Poor's Ratings Services raised its long-term and underlying ratings (SPUR) to 'A+' from 'BBB+' on Glendale, Ariz.'s existing general obligation (GO) bonds due to our view of the city's significantly improved financial flexibility with a positive available fund balance for the first time in several years, and significantly improved management practices after posting either operational surpluses or balanced operations for three consecutive years after a prior ongoing operational imbalance. At the same time, Standard&Poor's assigned its 'A+' long-term rating to the city's series 2016A and 2016B GO bonds. The outlook is stable. Revenue from an unlimited ad valorem tax on all taxable property within the city secures the bonds. We understand that proceeds from the series

...Standard & Poor's Ratings Services raised its long-term and underlying ratings (SPUR) to 'A+' from '###+' on Glendale, Ariz.'s existing general obligation (GO) bonds due to our view of the city's significantly improved financial flexibility with a positive available fund balance for the first time in several years, and significantly improved management practices after posting either operational surpluses or balanced operations for three consecutive years after a prior ongoing operational imbalance. At the same time, Standard & Poor's assigned its 'A+' long-term rating to the city's series 2016A and 2016B GO bonds. The outlook is stable. Revenue from an unlimited ad valorem tax on all taxable property within the city secures the bonds. We understand that proceeds from the series 2016A and 2016B bonds will go toward acquisition of land for parking improvements and improving local streets and parking within the city and the acquisition of land to promote new private sector job creation. The...

Summary