CUSIP 378352PP7

  • ISIN: US378352PP73
  • Entity Name: City of Glendale, Arizona
  • Sector: Municipal
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Rating Downgrade
  • News: S&P Global Ratings lowered its long-term rating to `AA-` from `AA` on Glendale, Ariz.`s outstanding subordinate-lien water and sewer revenue bonds. At the same time, S&P Global Ratings affirmed its `AA` long-term rating on the city`s outstanding senior water and sewer revenue bonds. The rating reflects our view of a very strong enterprise risk profile and a very strong financial risk profile. The outlook is stable. The lowered rating on the subordinate-lien obligation reflects the application of our ""Assigning Issue Credit Ratings Of Operating Entities"" criteria, published May 20, 2015, on RatingsDirect. This reflects our view that the subordinate-lien bond holders are materially disadvantaged compared to the senior lien bond holders, given the senior lien is open and the subordinate-lien obligations represent about 13% of total debt outstanding.
  • Description: *****
  • Bond Document:
  • Latest Corporate Actions:

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