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 bonds, series 2021. S&P Global Ratings has a 'AA' long-term rating on all outstanding senior-lien obligations. The outlook is stable. The series 2021 water and sewer revenue bonds will have a par amount of approximately $23 million and be used to fund the city's ongoing improvements of the water and sewer system. Prior to this issuance, the city's combined water and sewer system supported $141 million of outstanding debt obligations. The series 2021 subordinate-lien obligations will represent approximately 14% of total outstanding debt. We view the combined system's bond provisions as credit neutral. Bonds are secured by net revenues of the city's water and

...S&P Global Ratings assigned its '##-' long-term rating to Glendale, Ariz.'s subordinate-lien water and sewer revenue bonds, series 2021. S&P Global Ratings has a '##' long-term rating on all outstanding senior-lien obligations. The outlook is stable. The series 2021 water and sewer revenue bonds will have a par amount of approximately $23 million and be used to fund the city's ongoing improvements of the water and sewer system. Prior to this issuance, the city's combined water and sewer system supported $141 million of outstanding debt obligations. The series 2021 subordinate-lien obligations will represent approximately 14% of total outstanding debt. 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 senior-lien rate covenant set at 1.2x annual debt service on outstanding senior-lien obligations and a subordinate-lien rate covenant of 1.2x annual debt service on senior-...

Summary