• SELECT SITE CURRENCY
Select a currency for use throughout the site
Summary: Glendale, Arizona; Sales Tax Jun 11
Standard & Poors, June 2011
Standard & Poor's Ratings Services affirmed its 'AA' underlying rating (SPUR), and stable outlook, on Glendale, Ariz.'s series 2007 transportation excise tax revenue obligations. The SPUR reflects what we view as the city's: Participation in the diverse Phoenix metropolitan statistical area (MSA); Strong maximum annual debt service (MADS) coverage of 2.7x; and Good bond covenants, with an additional bonds test (ABT) of 2.0x MADS and 1.5x debt service coverage (DSC). These strengths are somewhat mitigated we believe by the city's declining pledged revenue trends the past few years. An electorate-approved 0.5% transportation excise tax passed in 2001, levied to fund transportation improvements and transit programs, secures the obligations. The sales tax, which became effective Jan. 1, 2002, does not have...
Companies mentioned in this report are: Glendale
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.