Moody's Investors Service said it has downgraded to A3 from A2 the GOULT rating of Glendale, Ariz. ($163.1 million outstanding).

At this time, Moody's also downgraded to A3 from A2 the rating on the city's senior lien excise tax bonds ($253.5 million) and also downgraded to Baa1 from A3 the rating on the city's subordinate lien excise tax bonds ($212.5 million).

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