Philadelphia Gas Works Revenue Bond Rating Affirmed At 'A'; Outlook Stable

ENGLEWOOD (S&P Global Ratings) March 27, 2023--S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on the City of Philadelphia's gas works (PGW) revenue bonds, issued under its 1998 general ordinance. S&P Global Ratings also affirmed its 'AA+/A-1+' rating on the following issues rated under its joint support criteria (low correlation): the 1998 ordinance, 8th series B, C, D, and E bonds, jointly supported by a letter of credit from TD Bank N.A. The outlook, where applicable, is stable. "The rating reflects our view of PGW's diverse customer base, credit-supportive planning and policies, and extremely strong coverage of fixed costs, offset by limited financial flexibility due to very high rates, below-average incomes, and the need to obtain

...March 27, 2023 ENGLEWOOD (S&P Global Ratings) March 27, 2023--S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on the City of Philadelphia's gas works (PGW) revenue bonds, issued under its 1998 general ordinance. S&P Global Ratings also affirmed its '##+/A-1+' rating on the following issues rated under its joint support criteria (low correlation): the 1998 ordinance, 8th series B, C, D, and E bonds, jointly supported by a letter of credit from TD Bank N.A. The outlook, where applicable, is stable. "The rating reflects our view of PGW's diverse customer base, credit-supportive planning and policies, and extremely strong coverage of fixed costs, offset by limited financial flexibility due to very high rates, below-average incomes, and the need to obtain Pennsylvania Public Utility Commission approval for base-rate changes," said S&P Global Ratings credit analyst Alexandra Rozgonyi. The stable outlook reflects our view of PGW's transparent and sound financial...

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