...S&P Global Ratings assigned its 'A' rating to the city of Philadelphia's gas works (PGW) revenue and refunding bonds (1998 general ordinance), 16th series A&B. At the same time, S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on PGW's outstanding parity debt, issued under the 1998 general ordinance. The outlook is stable. S&P Global Ratings also affirmed its ratings on the following issues rated under our joint support criteria (low correlation): + '##+/A-1+' rating on the 1998 ordinance, eighth series B&E bonds, jointly supported by a letter of credit from TD Bank N.A.; + '##/A-1' rating on the 1998 ordinance, eighth series C bonds, jointly supported by a letter of credit from Barclays Bank PLC; and + '##+/A-1+' rating on the 1998 ordinance, eighth series D bonds, jointly supported by a letter of credit from Royal Bank of Canada. Securing the bonds is a pledge of gas works revenues net of operating expenses. The 16th series A bonds (about $215 million)...
