S&P Global Ratings assigned its 'AA+' long-term rating to Glendale, Ariz.'s estimated $123.5 million series 2023B senior excise tax revenue refunding obligations. At the same time, we affirmed our 'AA+' long-term rating on the city'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. The outlook is stable. A first-lien pledge of the city's unrestricted revenue that includes its local sales tax, state-shared sales and income taxes, and franchise tax secures the senior excise tax revenue obligations. A first-lien pledge of the city's unrestricted revenue that includes excise, transaction privilege, franchise, and income tax revenues, under a lease agreement between Glendale MPC and the
