Philadelphia Authority For Industrial Development 2018 Revenue Bonds Assigned 'A' Rating

CHARLOTTESVILLE (S&P Global Ratings) Nov. 9, 2018--S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development's (PAID) series 2018 city service agreement revenue bonds (Rebuild Project). At the same time, we affirmed our 'A' rating on Philadelphia's existing GO bonds and parity ratings and its 'AA/A-1' rating on certain PAID debt with PNC Bank. We also affirmed our 'AA+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook is stable. "The city's strong 2018 ending result puts it on solid ground as it continues to address its long-standing expenditure needs," said S&P Global Ratings credit analyst Lisa Schroeer. "The rating reflects our assessment of the combination of the city's competing expenditure needs.

...CHARLOTTESVILLE (S&P Global Ratings) Nov. 9, 2018--S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development's (PAID) series 2018 city service agreement revenue bonds (Rebuild Project). At the same time, we affirmed our 'A' rating on Philadelphia's existing GO bonds and parity ratings and its '##/A-1' rating on certain PAID debt with PNC Bank. We also affirmed our '##+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook is stable. "The city's strong 2018 ending result puts it on solid ground as it continues to address its long-standing expenditure needs," said S&P Global Ratings credit analyst Lisa Schroeer. "The rating reflects our assessment of the combination of the city's competing expenditure needs. We also took into account its strong management and strong economic activity, which have supported the improved financial performance over the past couple of years." The authority's 2018 service agreement bonds...

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