Standard&Poor's Ratings Services affirmed its 'AA' standard long-term and underlying (SPUR) ratings on Glendale, Ariz.'s senior and subordinate-lien water and sewer revenue obligations. The ratings reflect our view of the system's: Stable service area and economic base; Adequate water sources to meet growth; Strong liquidity; Competitive rate structure; and Fiscal 2007 pledged revenues, which provided strong 3.17x senior and 1.63x combined coverage, excluding system-supported general obligation (GO) debt. Net revenues of the city's water and sewer system secure the obligations. The system's senior-lien remains open. Significant issuances beyond the electorate-approved, but currently unissued, $16.3 million authorization, however, are unlikely due to the city's need to go to the electorate for senior-lien revenue authorizations. Glendale's financial operations are strong
