DALLAS - Standard & Poor's lowered its long-term rating and underlying rating on Glendale, Ariz.’s general obligation bonds to A-minus from A-plus and maintained a negative outlook as the Phoenix suburb refunded $239.9 million of debt issued for professional sports facilities.

The two-notch downgrade “reflects our view of the city’s continued general fund deficits and estimated negative 19.5% general fund balance for fiscal 2012,” said Standard & Poor’s credit analyst Alda Mostofi.

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