...S&P Global Ratings lowered its long-term rating to '##-' from '##' on Glendale, Ariz.'s outstanding subordinate-lien water and sewer revenue bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the city's outstanding senior water and sewer revenue bonds. The rating reflects our view of a very strong enterprise risk profile and a very strong financial risk profile. The outlook is stable. The lowered rating on the subordinate-lien obligation reflects the application of our "Assigning Issue Credit Ratings Of Operating Entities" criteria, published May 20, 2015, on RatingsDirect. This reflects our view that the subordinate-lien bond holders are materially disadvantaged compared to the senior lien bond holders, given the senior lien is open and the subordinate-lien obligations represent about 13% of total debt outstanding. The enterprise risk profile reflects our view of the combined system's: + Service area in Maricopa County, 10 miles northwest of Phoenix in the...
