Standard&Poor's Ratings Services assigned its 'AA+' rating and stable outlook to Glendale Municipal Property Corp., Ariz.'s excise tax revenue bonds series 2008. In addition, Standard&Poor's affirmed its 'AA+' rating on the city's senior- and junior-lien excise tax revenue debt outstanding. The rating reflects the city's: Underlying credit strengths (AA general obligation debt rating), including its participation in the diverse Phoenix metropolitan statistical area (MSA); Strong senior maximum annual debt service (MADS) coverage of 5.4x; and Good legal covenants, including a 3x additional bonds test (ABT) for the senior-lien debt. A mitigating factor is the city's above-average overall net debt burden, including all overlapping and direct tax-supported debt. Rental payments made by Glendale under a lease agreement
