CUSIP 378352PQ5

• ISIN: US378352PQ56
• 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: https://www.bondpdf.com/
• Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US378352PQ56