Two of the main bond-rating firms in the country have upgraded the city of Glendale’s bond ratings.
Both Standard and Poor’s and Moody’s Investors Service say a stable outlook for the city was behind the upgrades. Moody’s says the city’s water and sewer outlook has been changed from negative to stable.
Moody’s says the stable outlook reflects an expectation that Glendale will continue to benefit from economic recovery and what the company says is improved financial management, despite some ongoing challenges, which are the result of a high debt burden.
Standard & Poor’s also revised its outlook for Glendale, giving the city a AA+ long-term rating on $132 million in existing tax revenue bonds and a AA rating on existing excise debt.
It says the outlook on all its ratings for Glendale is stable.
The city’s ratings had been downgraded in March of last year.