...S&P Global Ratings raised its long-term rating to '##+' from '##' on Glendale, Ariz.'s existing senior-lien excise tax revenue obligations and the senior-lien excise tax revenue obligations issued by Glendale Municipal Property Corp. (MPC) on behalf of the city. At the same time, we raised our long-term rating and underlying rating (SPUR) to '##+' from '##' on the city's and MPC's existing subordinate-lien excise tax revenue obligations. Lastly, we raised our SPUR to '##+' from '##' on the city's existing transportation excise tax revenue obligations. The outlook is stable. The upgrades reflect our view that Glendale's obligor creditworthiness (OC) has materially improved as a result of substantial economic expansion that translated to a significant improvement in the city's underlying economic metrics that are more comparable with those of similar-rated peers. Furthermore, city management has demonstrated its ability to control growth without over leveraging given that the city's financial...
