...NEW YORK (Standard & Poor's) June 14, 2013--Standard & Poor's Ratings Services said today it raised its long-term rating and underlying rating (SPUR) on Philadelphia's general obligation (GO) debt one notch to 'A-' from '###+'. The outlook is stable. At the same time, Standard & Poor's assigned its 'A-' long-term rating to the city's series 2013A and 2013B GO bonds. "The upgrade reflects our assessment of the city's progress in restoring its general fund balance through cost containment as well as stronger revenue streams," said Standard & Poor's credit analyst Hilary Sutton. Standard & Poor's also raised its long-term rating and SPUR on Philadelphia Redevelopment Authority's; Philadelphia Industrial Development Authority's; and Philadelphia Municipal Authority's GO-equivalent appropriation debt, supported by the city, one notch to 'A-' from '###+'. The 'A-' rating reflects what we view as the city's: + Proactive administration that has taken action to rebalance operations during a difficult...
