Philadelphia Bond Outlook Revised To Positive On Stronger Performance

CHARLOTTESVILLE (S&P Global Ratings) Nov. 21, 2019--S&P Global Ratings revised the outlook to positive from stable on the Authority for Industrial Development (PAID), Pa.'s lease revenue refunding bonds and parity city general obligation (GO) debt, issued for the city of Philadelphia. We also affirmed our 'AA+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. At the same time, we assigned our 'A' rating to Philadelphia's GO series 2020A refunding bonds. The outlook is positive. "The positive outlook reflects an improved financial position, supported in part by strong revenue growth, and coupled with continued focus on pension funding, school district support, general fund reserve balance growth, and supporting its rainy day fund to create a cushion to navigate

...November 21, 2019 CHARLOTTESVILLE (S&P Global Ratings) Nov. 21, 2019--S&P Global Ratings revised the outlook to positive from stable on the Authority for Industrial Development (PAID), Pa.'s lease revenue refunding bonds and parity city general obligation (GO) debt, issued for the city of Philadelphia. We also affirmed our '##+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. At the same time, we assigned our 'A' rating to Philadelphia's GO series 2020A refunding bonds. The outlook is positive. "The positive outlook reflects an improved financial position, supported in part by strong revenue growth, and coupled with continued focus on pension funding, school district support, general fund reserve balance growth, and supporting its rainy day fund to create a cushion to navigate changes in the economic cycle," said S&P Global Ratings credit analyst Lisa Schroeer. The city's pension position and payment discipline have improved, though the overall funded level remains...

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