Philadelphia Housing Authority; General Obligation

S&P Global Ratings affirmed its 'AA-' issuer credit rating (ICR), with a stable outlook, on Philadelphia Housing Authority (PHA), Pa. and affirmed it's 'AA-' rating, with stable outlook, on the authority's series 2017 general revenue bonds. The rating on PHA reflects a stand-alone credit profile (SACP) of 'aa-' and our view that there is a moderate likelihood the federal government would provide timely and extraordinary support to the authority in the event of financial distress. The series 2017 bonds are payable from PHA's lease payments for the authority's headquarters; a first-priority lien on, and security interest in, PHA's general revenue secures the payments and, therefore, we rate on parity with the ICR. The rating reflects our opinion of PHA's: Very

...S&P Global Ratings affirmed its '##-' issuer credit rating (ICR), with a stable outlook, on Philadelphia Housing Authority (PHA), Pa. and affirmed it's '##-' rating, with stable outlook, on the authority's series 2017 general revenue bonds. The rating on PHA reflects a stand-alone credit profile (SACP) of '##-' and our view that there is a moderate likelihood the federal government would provide timely and extraordinary support to the authority in the event of financial distress. The series 2017 bonds are payable from PHA's lease payments for the authority's headquarters; a first-priority lien on, and security interest in, PHA's general revenue secures the payments and, therefore, we rate on parity with the ICR....

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