Standard&Poor's Ratings Services assigned its 'AA' to the Western Loop 101 Public Facility Corporation, Ariz.'s series 2008A-C third-lien excise tax revenue bonds, issued on behalf of the City of Glendale. In addition, Standard&Poor's affirmed its 'AA+' underlying rating (SPUR) on the city's outstanding excise tax bonds, issued by the Glendale Municipal Property Corporation. The ratings reflect the city's: Underlying credit strengths ('AA' GO debt rating), including its participation in the diverse Phoenix MSA; Third lien maximum annual debt service (MADS) coverage of 3.2x; and Good legal covenants, including a 2x additional bonds test (ABT) for the third-lien debt. Mitigating factors include the city's above average overall net debt burden, including all overlapping and direct tax-supported debt.
