Standard&Poor's Ratings Services assigned its 'BBB+' rating and stable outlook to Philadelphia Gas Works (PGW), Pa.'s revenue refunding bonds (20th series under the 1975 ordinance and 10th series under the 1998 ordinance). Standard&Poor's also affirmed its long-term and underlying ratings (SPURs) on outstanding parity obligations as well as its 'BBB+' long-term rating, with a stable outlook, on PGW's closed senior lien debt issued under its 1975 ordinance, its 'BBB+' rating on outstanding subordinate lien debt issued under PGW's 1998 ordinance, and its 'BBB' rating on PGW's junior subordinate bonds. Standard&Poor's also affirmed its 'AAA/A-1' rating on certain series of bonds, reflecting application of Standard&Poor's Joint Support Criteria, after previously upgrading the ratings
