Standard&Poor's Ratings Services assigned its 'AA' rating to Glendale, Ariz.'s series 2007 subordinate-lien water and sewer revenue obligations. In addition, Standard&Poor's affirmed its 'AA' standard long-term rating, and stable outlook, to the city's existing subordinate-lien water and sewer revenue obligations. Standard&Poor's also affirmed its 'AA' underlying rating (SPUR) on the city's senior-lien water and sewer revenue bonds. The ratings reflect the system's: Stable service area and strong economic base; Adequate water sources to meet growth in the future; Competitive rate structure; and Good coverage by fiscal 2006 pledged revenues that provided 2.70x senior annual debt service and 1.68x annual debt service on combined junior- and senior-lien revenue debt, excluding system-supported GO debt. Net revenues
