Standard&Poor's Ratings Services revised its outlook to stable from negative on Glendale Municipal Property Corp. (MPC), Ariz.'s outstanding senior-lien excise tax revenue bonds, issued for Glendale. We have revised our outlook due to the city's increase of its local sales tax, which will significantly increase coverage. At the same time, we lowered our rating to 'AA' from 'AA+' on the MPC's second-lien series 14 and 16 certificates of participation (COPs) excise tax revenue bonds. Despite the city's increase of its local sales tax, which will significantly increase revenues available for debt service, the city is refunding its third lien excise tax revenue bonds through its second lien, so coverage on the second lien excise tax revenue bonds will
