Summary: Glendale, Arizona; Miscellaneous Tax; Sales Tax

S&P Global Ratings assigned its 'AA' long-term rating to Glendale, Ariz.'s series 2017 subordinate excise tax revenue refunding bonds. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the city's existing subordinate-lien excise tax revenue bonds and our 'AA+' long-term rating and SPUR on the city's existing senior-lien debt, issued by various entities. The outlook on all ratings remains stable. The ratings reflect our view of the city's: Participation in the diverse Phoenix metropolitan statistical area (MSA); Very strong maximum annual debt service (MADS) coverage for the senior lien of 6.25x; Very strong MADS coverage for the subordinate lien of 4.1x (all-in coverage); Good 3x additional bonds test (ABT) for the first-lien debt and

...S&P Global Ratings assigned its '##' long-term rating to Glendale, Ariz.'s series 2017 subordinate excise tax revenue refunding bonds. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the city's existing subordinate-lien excise tax revenue bonds and our '##+' long-term rating and SPUR on the city's existing senior-lien debt, issued by various entities. The outlook on all ratings remains stable. The ratings reflect our view of the city's:...

Summary