S&P Global Ratings revised the outlook to positive from stable and affirmed its 'AA+' long-term rating 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. The outlook revision reflects a one-in-three chance that we could raise the rating on Glendale's city's senior-lien excise-tax obligations if we raise the city's general creditworthiness during the outlook period. In addition, key rating factors like coverage, volatility, and economic fundamentals measured under our priority-lien tax revenue debt criteria, which we apply to analyze the obligations continue to remain comparable with those of higher-rated peers. The senior-lien excise-tax obligations are secured by a first-lien pledge of Glendale's unrestricted
