Philadelphia Authority for Industrial Development 2024 Bonds Rated 'A'; Outlook Positive; Other Ratings Affirmed

CHICAGO (S&P Global Ratings) June 5, 2024--S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development's (PAID) $92.2 million series 2024 city service agreement revenue bonds (Rebuild Project). At the same time, we affirmed our 'A' rating on Philadelphia's existing general obligation (GO) and city service agreement revenue bonds. We also affirmed our 'AA+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook, where applicable, is positive. "The 'A' rating reflects our assessment of the city's significant tax base size and broad and diverse economy, strong management with good financial policies and practices, all-time high reserve levels that we expect to decline in 2024, and high fixed costs and a large pension

...June 5, 2024 CHICAGO (S&P Global Ratings) June 5, 2024--S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development's (PAID) $92.2 million series 2024 city service agreement revenue bonds (Rebuild Project). At the same time, we affirmed our 'A' rating on Philadelphia's existing general obligation (GO) and city service agreement revenue bonds. We also affirmed our '##+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook, where applicable, is positive. "The 'A' rating reflects our assessment of the city's significant tax base size and broad and diverse economy, strong management with good financial policies and practices, all-time high reserve levels that we expect to decline in 2024, and high fixed costs and a large pension and other postemployment benefit obligation," said S&P Global Ratings credit analyst Cora Bruemmer. The authority's 2024 service agreement and existing city agreement revenue bonds are limited...

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