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Glendale receives AA+ rating upgrade; ADOT grant to extend airport runway life
Summary
City officials said S&P Global upgraded Glendale’s general obligation rating to AA+ and that the city will receive an ADOT grant for an asphalt overlay to extend the airport runway’s service life by about 10 years.
Glendale — City officials told the council on Sept. 9 that S&P Global Ratings upgraded Glendale’s general obligation credit rating from AA to AA+ and assigned the same rating to a forthcoming $17 million general‑obligation bond, and that the Arizona Department of Transportation awarded a nearly $2 million grant for an asphalt overlay of the airport runway.
In a report to the council, the city manager said S&P pointed to the city’s conservative budgeting, expanded revenue streams and “exceptional cash reserves” as reasons for the upgrade. “Potentially this means that as we continue to issue debt going forward in the future, we will pay less interest,” the manager said, adding that lower interest costs reduce long‑term borrowing expenses for taxpayers.
The manager said the ADOT grant will fund a one‑inch asphalt overlay intended to extend the runway’s useful life by at least 10 years; the airfield will close for construction and staff are coordinating with tenants and businesses to plan around disruptions.
The bimonthly manager’s remarks also highlighted upcoming community events and programs, including a pedestrian and e‑bike safety presentation at Mountain Ridge High School and Ballet Arizona’s free outdoor show at Saguaro Ranch Park on Sept. 25. The manager recognized two retiring fire department leaders and summarized recent library and parks programming.
No council action was required; the remarks were informational. Staff said they will continue coordinating project schedules and return with further details as work and financing proceed.
