Philadelphia Housing Authority; General Obligation

S&P Global Ratings raised its issuer credit rating (ICR) on Philadelphia Housing Authority (PHA) and its rating on PHA's series 2017 revenue bonds one notch to 'AA-' from 'A+'. The outlook is stable. The rating action reflects our opinion of the ICR and bonds, partially reflecting the implementation of our criteria, titled "Methodology For Rating Public And Nonprofit Social Housing Providers," published June 1, 2021, on RatingsDirect. The ratings are no longer under criteria observation. The rating action also reflects our opinion of improved financial performance recently with an adjusted-EBITDA-to-adjusted-operating-revenue ratio that now averages about 28% during fiscal years 2020–2024. During this period, U.S. Department of Housing&Urban Development (HUD) funding has remained relatively strong through operating subsidies and

...S&P Global Ratings raised its issuer credit rating (ICR) on Philadelphia Housing Authority (PHA) and its rating on PHA's series 2017 revenue bonds one notch to '##-' from 'A+'. The outlook is stable. The rating action reflects our opinion of the ICR and bonds, partially reflecting the implementation of our criteria, titled "Methodology For Rating Public And Nonprofit Social Housing Providers," published June 1, 2021, on RatingsDirect. The ratings are no longer under criteria observation. The rating action also reflects our opinion of improved financial performance recently with an adjusted-EBITDA-to-adjusted-operating-revenue ratio that now averages about 28% during fiscal years 2020¡2024. During this period, U.S. Department of Housing & Urban Development (HUD) funding has remained relatively strong through operating subsidies and capital grants while repositioning public housing units has generated some cost savings. The rating also reflects PHA's stand-alone credit profile of '##-' and...

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