Standard&Poor's Ratings Services placed its 'AA+' rating on Glendale, Ariz.'s series 14 and 16 certificates of participation (COPs) on CreditWatch with negative implications. The COPs represent an interest in rental payments made by Glendale under a lease agreement between the city and the Glendale Municipal Property Corp. The rental payments are payable from and secured by a second-lien on the city's unrestricted excise tax revenue. We also placed our 'AA' rating for the Western Loop 101 Public Facilities Corp. third-lien excise-tax revenue bonds, issued for the city, on CreditWatch with negative implications. The excise tax revenue bonds are payable from rental payments by the city under a lease agreement with the city's Western Loop 101 Public Facility Corp.
