S&P Global Ratings assigned its 'AA' long-term rating to Glendale, Ariz.'s approximately $31.4 million series 2024 senior-lien water and sewer revenue obligations. At the same time, we affirmed our 'AA' long-term rating on the city's existing senior water and sewer revenue obligations and our 'AA-' long-term rating on its subordinate-lien water and sewer obligations. The outlook is stable. Obligations are secured by net revenue of the city's water and sewer systems. Proceeds will be used to finance the city's ongoing improvements of the water and sewer system. As of June 30, 2023, the combined system had roughly $171 million in senior- and subordinate-lien revenue debt outstanding. Glendale's combined water and sewer system is governed by a proactive management team that
