NEW YORK (Standard&Poor's) July 6, 2006—Standard&Poor's Ratings Services has assigned its 'BBB' rating to the city of Philadelphia, Pa.'s $217 million GO bonds series 2006. The bonds are scheduled to sell on July 17. The outlook is stable. At the same time, the rating service affirmed its 'BBB' Standard&Poor's underlying rating (SPUR) on the city's outstanding parity obligations. The rating reflects the city's weak, but improving financial condition. The fiscal 2005 unreserved deficit balance on a GAAP basis measured $36 million, and on a legally enacted budgetary basis, the city had an accumulated surplus of $96 million. Fiscal 2006 operating results indicate a sizable $105 million budgetary basis operating surplus. In addition, there are
