Standard&Poor's Ratings Services assigned its 'AA' rating to Glendale, Ariz.'s subordinate-lien water and sewer revenue obligations series 2010A (Build America Bonds). At the same time, Standard&Poor's affirmed its 'AA' rating on the city's outstanding water and sewer revenue bonds. The outlook is stable. The ratings reflect our view of the system's: Stable service area and economic base, Adequate water sources to meet demand, and Strong liquidity. The bonds are secured by a subordinate lien on the city's water and sewer net revenues. The system's senior lien remains open and currently secures two Water Infrastructure Finance Authority (WIFA) loans. We understand the proceeds of the bonds will be used to finance certain capital improvement projects. The city
