Standard&Poor's Ratings Services has assigned its 'AA' rating to Glendale, Ariz.'s series 2014 senior-lien water and sewer revenue refunding bonds, and has affirmed its 'AA' rating on the city's existing senior- and subordinate-lien revenue bonds. The outlook is stable. 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; Rates deemed affordable, especially given incomes at or near the national average; and Generally strong financial performance. Somewhat offsetting these strengths is a large $100 million capital improvement program through 2020, which could involve additional debt or loans to finance the projects. The city has identified about $100 million in additional capital projects
