Summary: Glendale, Arizona; Water/Sewer

S&P Global Ratings assigned its 'AA-' long-term rating to Glendale, Ariz.'s subordinate-lien water and sewer revenue refunding bonds, series 2020. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the city's outstanding senior water and sewer revenue bonds and its 'AA-' underlying rating (SPUR) on the city's outstanding subordinate-lien series 2010 Build America Bonds. The outlook is stable. The series 2020 water and sewer refunding bonds will have a par amount of approximately $20.35 million and will refund the city's outstanding series 2010 Build America Bonds (subordinate lien). Prior to this issuance, the city's combined water and sewer system supported $167 million of outstanding debt obligations, 15% of which represent the series 2010 subordinate-lien obligations. We

...S&P Global Ratings assigned its '##-' long-term rating to Glendale, Ariz.'s subordinate-lien water and sewer revenue refunding bonds, series 2020. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the city's outstanding senior water and sewer revenue bonds and its '##-' underlying rating (SPUR) on the city's outstanding subordinate-lien series 2010 Build America Bonds. The outlook is stable. The series 2020 water and sewer refunding bonds will have a par amount of approximately $20.35 million and will refund the city's outstanding series 2010 Build America Bonds (subordinate lien). Prior to this issuance, the city's combined water and sewer system supported $167 million of outstanding debt obligations, 15% of which represent the series 2010 subordinate-lien obligations. We view the combined system's bond provisions as credit neutral. Bonds are secured by net revenues of the city's water and sewer systems. Key bond provisions include a rate covenant set at 1.2x annual...

Summary