Standard&Poor's Ratings Services lowered its long-term rating and underlying rating to 'A+' from 'AA' on Glendale, Ariz.'s general obligation (GO) bonds. The outlook is negative. The rating action reflects our view of the city's continued substantial drawdown of its reserves to balance its budget as a result of continued financial pressures. The ratings further reflect our view of the city's: Participation in the diverse Phoenix metropolitan statistical area (MSA) economic base; Moderate overall net debt burden, including all overlapping and direct tax-supported debt; and Adequate general fund balance in 2011 and a history of maintaining sufficient reserve levels. Partially mitigating our view of the above credit strengths is our view of the city's: Sluggish regional and local economy,
