Standard&Poor's Ratings Services assigned its 'AA' standard long-term rating, and stable outlook, to Glendale, Ariz.'s series 2007 GO bonds. Standard&Poor's also affirmed its 'AA' standard long-term rating and underlying rating (SPUR) on the city's preexisting GO debt. The ratings reflect the city's: Participation in the strong, diverse Phoenix MSA economic base; Large and growing property tax base; and Robust financial position. Credit factors that mitigate these strengths include the city's below-average per capita income and wealth levels; and above-average overall net debt burden, including all overlapping and direct tax-supported debt. An unlimited ad valorem tax on all taxable property within the city secures the bonds. The 57-square-mile Glendale is in Maricopa County in the northwest portion
