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Glendale Sees Second Bond Rating Upgrade This Year

Kevin Phelps
(Photo courtesy City of Glendale)
Kevin Phelps started as Glendale's city manager in January.

For the second time in three months, Glendale’s bond ratings have gone up.

On Wednesday, Standard and Poor’s Rating Services increased the city’s general obligation bonds to an A+ rating, a jump of three places from 2012.

Earlier this year, Moody’s Investment Services raised its ratings on Glendale’s bonds.

City manager Kevin Phelps said the ratings will mean less costs paying for bond interest and comes from smart financial management.

“Prioritizing how we spend money, being more strategic on where we spent," Phelps said. "So we’ve been very slow to add on new employees to the city workforce and we’ve just made good business decisions."

Phelps said these improvements will be an important asset to growing Glendale’s revenue.

“We’re going to do that really by having a higher priority on growing out existing companies and retaining those that sometimes leave the community and obviously recruiting new companies to come to town,” he said.

Phelps said Glendale’s budget, which will be released in April, plans for $50 million in the city’s reserve funds, a long way from having negative funds in 2012.

These ratings come after a series of downgrades four years ago.

Casey Kuhn reports from KJZZ’s West Valley Bureau. She comes to Phoenix from the Midwest, where she graduated from Indiana University with a degree in journalism.Kuhn got her start in radio reporting in college at the community public radio station, WFHB. She volunteered there as a reporter and worked her way up to host the half-hour, daily news show. After graduating, she became a multimedia reporter at Bloomington's NPR/PBS station WFIU/WTIU, where she reported for and produced a weekly statewide news television show.Since moving to the Southwest, she’s discovered a passion for reporting on rural issues, agriculture and the diverse people who make up her community.Kuhn was born and raised in Cincinnati, where her parents instilled in her a love of baseball, dogs and good German beer. You’ll most likely find her around the Valley with a glass of prosecco in one hand and a graphic novel in the other.She finds the most compelling stories come from KJZZ’s listeners.