NEW YORK (Standard&Poor's) Nov. 22, 2006—Standard&Poor's Ratings Services has assigned its 'BBB' rating to Philadelphia Authority for Industrial Development, Pa.'s $150 million bonds, reflecting the security provided by a service agreement with the city of Philadelphia and therefore based on the city's general credit characteristics. The bonds are scheduled to sell on Dec. 4. The outlook is stable. At the same time, the rating service affirmed its ratings on the city's outstanding parity obligations. The 'BBB' rating on Philadelphia's GO bonds reflects the city's weak, but improving financial condition. The fiscal 2005 unreserved deficit balance on a GAAP basis measured $36 million, and on a legally enacted budgetary basis, the city had an accumulated surplus of
