Standard&Poor's Ratings Services revised its outlook to negative from stable on Glendale Municipal Property Corp., Ariz.'s senior-lien excise tax revenue refunding bonds, Glendale, Ariz.'s second-lien series 14 and 16 certificates of participation (COPs), and Western Loop 101 Public Facility Corp., Ariz.'s third-lien excise-tax revenue bonds. We base the outlook revision on continued declines in pledged revenue as well as general fund pressures that have contributed to a restructuring of maximum annual debt service (MADS) and reduced pro forma coverage. Should revenue trends fail to stabilize in the next two years or if debt issuance or restructuring materially weakens MADS coverage, we could lower the ratings. At the same time, Standard&Poor's affirmed its 'AA+' rating on the
