Summary: Glendale, Arizona; General Obligation

S&P Global Ratings assigned its 'A+' long-term rating to Glendale, Ariz.'s series 2018 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on the city's existing GO bonds outstanding. 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 2018 GO bonds will be used to fund local street and public safety facility improvements. The ratings reflect our assessment of the city's: Adequate economy, with projected per capita effective buying income at 81.4% and market value per capita of $58,293, though that is advantageously gaining from access to a broad and

...S&P Global Ratings assigned its 'A+' long-term rating to Glendale, Ariz.'s series 2018 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on the city's existing GO bonds outstanding. 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 2018 GO bonds will be used to fund local street and public safety facility improvements. The ratings reflect our assessment of the city's: + Adequate economy, with projected per capita effective buying income at 81.4% and market value per capita of $58,293, though that is advantageously gaining from access to a broad and diverse metropolitan statistical area (MSA); + Strong management, with good financial policies and practices under our Financial Management Assessment (FMA) methodology; + Adequate budgetary performance, with a slight operating surplus in the general...

Summary