Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Glendale, Ariz.'s series 2016 senior-lien excise tax revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city's existing senior-lien excise tax revenue bonds and its 'AA' long-term rating and SPUR on the city's existing subordinate-lien debt, issued by various entities. The outlook on all ratings is stable. The ratings reflect our view of the city's: Participation in the diverse Phoenix metropolitan statistical area (MSA); Strong maximum annual debt service (MADS) coverage on both liens; Good 3x additional bonds test (ABT) for the first-lien debt and a 2x ABT for the second–lien debt; and Reliance on pledged revenues
