...S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on Glendale, Ariz.'s existing general obligation (GO) bonds outstanding. The outlook on all ratings is stable. The city of Glendale recently entered into a $17 million legal settlement with the Arizona Cardinals National Football League (NFL) team. The litigation, and eventual settlement, was attributed to the city's reneging on promises regarding infrastructure and parking improvements near the stadium. Our analysis of the city's $17 million settlement and our view of the city's budgetary flexibility and liquidity remain unchanged, as we believe that, despite a $17 million reduction in available fund balances, the city's fund balance position remains very strong, or above 15% of general fund operating expenditures given the trend in general fund operating results. However, our analysis incorporates the potential for a one-time use of $17 million out of the general fund, and the impact on the current reserve...
