NEW YORK (S&P Global Ratings) Sept. 23, 2020--S&P Global Ratings revised the outlooks on its 'A+' issuer credit rating (ICR) on Philadelphia Housing Authority (PHA) and 'A+' rating on PHA's series 2017 revenue bonds, issued for PHA's headquarters project, to positive from stable and affirmed the ratings. The outlook revision reflects our opinion of improving financial performance because federal funding has increased for PHA since fiscal 2018 and cost savings have led to reduced operating expenses. The rating on PHA reflects its stand-alone credit profile (SACP) of 'a+' and our view that there is a moderate likelihood the federal government would provide timely and extraordinary support to PHA in the event of financial distress. The positive outlook reflects S&P Global
