Standard&Poor's Rating Services has assigned its 'BBB' rating to Philadelphia Municipal Authority's lease rental bonds series 2009. The outlook is stable. The rating reflects the security provided by an unconditional lease agreement by which the city will make annual rent payments sufficient to pay debt service on the bonds and therefore the rating is based on Philadelphia's general obligation (GO) credit characteristics. Bond proceeds will be used to finance construction of a youth center detention facility. The ratings reflect our opinion of the following weaknesses: The city's operating results have been historically erratic, and although its financial position has improved between fiscals 2005-2007, reserves have since declined and are not projected to rebound until fiscal 2010; The city
