Standard&Poor's Ratings Services affirmed its 'AA+' rating, and stable outlook on the city's senior and junior-lien excise tax revenue debt outstanding. The rating reflects the city's: Underlying credit strengths ('AA' GO debt rating); including its participation in the diverse Phoenix MSA; Strong senior maximum annual debt service (MADS) coverage of 7.3x; and Good legal covenants, including a 3x additional bonds test (ABT) for the senior-lien debt. Mitigating factors include the city's: The below-average amortization of excise tax parity and subordinate debt; and The above average overall net debt burden, including all overlapping and direct tax-supported debt. Rental payments made by Glendale under a lease agreement with the city's municipal corporation--payable from a pledge of the city's excise, transaction
