Standard&Poor's Rating Services has assigned its 'A+' rating to The City of Phoenix Industrial Development Authority, Ariz.'s series 2013A and B solid waste disposal facilities revenue bonds. The outlook is stable. Bonds are issued on behalf of the Vieste SPE LLC-City of Glendale, AZ project. Bonds are secured by revenue derived from the sale of recycled materials recovered from the operation of a newly constructed materials recovery facility. Additional security for bondholders derives from a waste supply agreement between the facility and the city of Glendale, whereas the city will guarantee a floor rate payment to the trustee, to ensure debt service is paid, regardless of the actual sale of materials generated from the facility. Other credit factors
