NEW YORK (Standard&Poor's) Aug. 3, 2009--Standard&Poor's Rating Services assigned its 'AAA/A-1+' rating to Philadelphia, Pa.'s gas works revenue refunding bonds eighth series B, C, and E, issued by the Philadelphia Gas Works' (PGW), based on the application of the low correlation joint criteria table using individual letter of credits (LOCs) provided by Wachovia Bank (AA/A-1+), Bank of Nova Scotia (AA-/A-1+), JPMorgan Chase Bank (AA-/A-1+), and PGW (BBB-). At the same time, Standard&Poor's assigned its 'AA/A-1+' rating to Philadelphia, Pa.'s gas works revenue refunding bonds eighth series D, issued by PGW, based on the application of the low correlation joint criteria table using a LOC provided by Bank of America (A+/A-1) and PGW. In addition,
