Standard&Poor's Ratings Services has revised the outlook on its underlying rating (SPUR) on Glendale, Ariz.'s subordinate-lien water and sewer revenue bonds to negative from stable. At the same time, Standard&Poor's has affirmed its 'AA' SPUR on the bonds. Standard&Poor's has also assigned its 'AA' long-term rating to Glendale's senior-lien water and sewer revenue refunding obligations series 2012. The outlook is negative. The outlook revision reflects several issues. First, it is our opinion that the open nature of both the senior and subordinate liens could lower debt service coverage as additional bonds are issued within the next two years. It had been our understanding in the past that the city's "working" revenue lien would be
