SAN FRANCISCO (Standard&Poor's) Aug. 8, 2014--Standard&Poor's Ratings Services assigned its 'A-1' short-term rating to Philadelphia, Pa.'s series G-1 and G-2 gas works revenue commercial paper (CP) notes and subordinate series 1 and 2 gas works revenue capital project CP notes. The ratings are based on the short-term issuer credit rating (ICR) on the providers of the two irrevocable transferable letters of credit (LOCs) supporting the notes. The LOC provided by JPMorgan Chase Bank, N.A. (A-1) will support the series G-1 and series 1 notes and may be drawn on for a maximum aggregate amount of $50 million, while the LOC provided by PNC Bank, N.A. (A-1) will support the series G-2 and series 2 notes and
