Summary: Glendale, Arizona; General Obligation

S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA-' from 'A+' on Glendale, Ariz.'s general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings assigned its 'AA-' long term rating to the city's series 2019 GO bonds (par amount: $15.8 million). The outlook is stable. The raised ratings reflect the city's growing tax base through valuation increases and new construction in the area recently, as evidenced by cumulative assessed value (AV) growth of 23% in the previous five years. Although the city's wealth and income indicators trail behind those of certain peers in the greater Phoenix-Mesa-Scottsdale metropolitan statistical area (MSA), continued development within the city enhances our view that economic metrics will be sustained

...S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to '##-' from 'A+' on Glendale, Ariz.'s general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings assigned its '##-' long term rating to the city's series 2019 GO bonds (par amount: $15.8 million). The outlook is stable. The raised ratings reflect the city's growing tax base through valuation increases and new construction in the area recently, as evidenced by cumulative assessed value (AV) growth of 23% in the previous five years. Although the city's wealth and income indicators trail behind those of certain peers in the greater Phoenix-Mesa-Scottsdale metropolitan statistical area (MSA), continued development within the city enhances our view that economic metrics will be sustained or will improve in the near term. The city's strong overall financial profile, through the maintenance of very strong fund balances and operational surpluses over the last several years, supports our view of the...

Summary