Summary: Glendale, Arizona; Water/Sewer

S&P Global Ratings assigned its 'AA' long-term rating to Glendale, Ariz.'s $21.1 million series 2022A senior-lien water and sewer revenue obligations and the city's $40.1 million 2022B senior-lien water and sewer revenue refunding obligations. At the same time, we affirmed our 'AA' long-term rating on the city's senior water and sewer revenue bonds and our 'AA-' long-term rating on its subordinate-lien water and sewer obligations. The outlook is stable. Proceeds of the series 2022A obligations will be used to fund the city's ongoing improvements of the water and sewer system; proceeds of the 2022B obligations will finance a current refunding of the system's 2012 senior-lien water and sewer revenue obligations for interest cost savings. Prior to this issuance, the city's

...S&P Global Ratings assigned its '##' long-term rating to Glendale, Ariz.'s $21.1 million series 2022A senior-lien water and sewer revenue obligations and the city's $40.1 million 2022B senior-lien water and sewer revenue refunding obligations. At the same time, we affirmed our '##' long-term rating on the city's senior water and sewer revenue bonds and our '##-' long-term rating on its subordinate-lien water and sewer obligations. The outlook is stable. Proceeds of the series 2022A obligations will be used to fund the city's ongoing improvements of the water and sewer system; proceeds of the 2022B obligations will finance a current refunding of the system's 2012 senior-lien water and sewer revenue obligations for interest cost savings. Prior to this issuance, the city's combined water and sewer system supported $142.8 million of outstanding senior-lien debt obligations and $43.0 million of subordinate-lien obligations. We view the combined system's bond provisions as credit neutral. Bonds...

Summary