Standard&Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'AA' underlying rating (SPUR) and long-term rating on Glendale, Ariz.'s outstanding general obligation (GO) bonds. The outlook revision reflects our view of the city's continued drawdown of its reserves in order to balance its budget. At the same time, Standard&Poor's assigned its 'AA' rating to the city's series 2010 GO bonds. The ratings reflect our view of the city's: Participation in the diverse Phoenix metropolitan statistical area (MSA) economic base, Strong financial management policies, and Strong wealth levels as measured by market value per capita. Partially mitigating our view of the above credit strengths is our view of the city's: Sluggish regional and
