...July 20, 2022 NEW YORK (S&P Global Ratings) July 20, 2022--S&P Global Ratings raised its long-term rating to '##+/A-1+' from '##/A-1' on the City of Philadelphia Gas Works' (PGW) revenue refunding bonds, eighth series C. "The raised long-term and short-term components of the rating reflect the substitution of direct-pay letter of credit provider," said S&P Global Ratings credit analyst Jeff Panger. The rating reflects the application of our joint-support criteria, assuming a low correlation between PGW and the bank providing the letter of credit (LOC). The long-term component of the rating is based on the application of joint criteria between PGW, which is rated 'A', and the LOC provider, TD Bank N.A. ('##-/Stable/A-1+'). The short-term component of the rating solely reflects the short-term rating on the LOC provider. For more information regarding PGW's underlying credit quality, see our analysis, published Jan. 25, 2022, on RatingsDirect. The new LOC provider for the eighth series C bonds,...
