Standard&Poor's Ratings Services has revised the outlook on its underlying rating (SPUR) on Glendale, Ariz.'s water and sewer revenue bonds to stable from negative. At the same time, we has affirmed our 'AA' SPUR on the bonds. The outlook revision reflects our understanding that it is the city's intent to not use the water and sewer fund to pay any additional arena costs related to fiscal 2013 or beyond. During the 2012 fiscal year, the city funded a $25 million payment to the National Hockey League. The 'AA' rating reflects our view of the system's: Large service area with a diverse ratepayer base; Adequate water and sewer treatment facilities to handle demand, limiting additional capital needs; Rates deemed
