NEW YORK (Standard&Poor's) Dec. 11, 2002—Standard&Poor's Ratings Services assigned its 'BBB' rating to Philadelphia Gas Works' (PGW) $185.5 million 17th series (1975 ordinance) revenue bonds and $125.0 million fourth series (1998 ordinance) revenue bonds. The outlook is negative. In addition, Standard&Poor's affirmed its 'BBB' rating on Philadelphia Gas Works' (PGW) senior 1975 and 1998 ordinance bonds and its 'BBB-' rating on PGW's subordinate 1998 ordinance bonds. "The rating affirmation reflects the approval of the base rate increase by the Pennsylvania Public Utility Commission, the Philadelphia city council's decision to extend repayment of the working capital loan, and improvement in collections, resulting in a decline in accounts receivables," said credit analyst Aneesh Prabhu. "These strengths
