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Philadelphia, PA's 2001-2002 TRANs Series A Rated 'SP-1+'

Published Jul 03, 2001

1396 words — Published Jul 03, 2001

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Abstract:

NEW YORK (Standard&Poor's CreditWire) July 3, 2001—Standard&Poor's today assigned its 'SP-1'-plus rating to Philadelphia, Pa.'s $270 million 2001-2002 TRANs series A due June 28, 2002. The TRANs are scheduled to sell July 10, 2001. The TRANs are secured by Philadelphia's (triple-'B' GO rating/Stable) full faith and credit GO pledge and are payable from fiscal 2002 general fund receipts. Proceeds will finance the city's seasonal cash flow needs. The short-term rating reflects: -- The city's strong general fund liquidity position, and -- Very strong historical and projected debt service coverage by net ending general fund cash balances on the segregation dates and TRAN maturity date. The TRAN repayment account will be held by the trustee--First Union National

Brief Excerpt:

RESEARCH Philadelphia, PA's 2001-2002 TRANs Series A Rated 'SP-1+' Publication date: 03-Jul-2001 NEW YORK (Standard & Poor's CreditWire) July 3, 2001ùStandard & Poor's today assigned its 'SP-1'-plus rating to Philadelphia, Pa.'s $270...

Report Type:

Ratings Action

Issuer

Philadelphia

Sector

Global Issuers, Public Finance, Structured Finance

Country

United States

Region

United States

Format:

HTML

Summary: Philadelphia, PA; Tax Secured, Note – 2001/07/05 – US$ 225.00

Philadelphia, PA's Water&Sewer Bonds Rated 'A-'; Outstg Debt Raised to 'A-' – 2001/11/02 – US$ 150.00

Summary: Philadelphia, PA; Utility, Water/Sewer – 2001/11/02 – US$ 225.00

Philadelphia Gas Works' Ratings Remain on CreditWatch Due To Worsened Liquidity Position – 2002/02/12 – US$ 150.00

Summary: Philadelphia, PA; Utility, Gas – 2002/02/12 – US$ 225.00

Philadelphia, Pennsylvania; Tax Secured, Note – 2001/07/03 – US$ 500.00

Summary: Philadelphia, PA; Tax Secured, Gas Tax – 2001/06/15 – US$ 225.00

Philadelphia Gas Works $120 Million Bonds Rated 'BBB' – 2001/06/14 – US$ 150.00

Summary: Philadelphia, PA; Tax Secured, General Obligation – 2001/04/30 – US$ 225.00

Summary: Philadelphia, PA; General Obligation, Local GO; General Obligation, Local Lease; General Obligation, Local Note – 2001/01/05 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Philadelphia, PA's 2001-2002 TRANs Series A Rated 'SP-1+'" Jul 03, 2001. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-PA-s-2001-2002-TRANs-Series-A-Rated-SP-1-200305>

APA:	S&P Global Ratings’ Credit Research. (). Philadelphia, PA's 2001-2002 TRANs Series A Rated 'SP-1+' Jul 03, 2001. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-PA-s-2001-2002-TRANs-Series-A-Rated-SP-1-200305>

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