NEW YORK (Standard&Poor's) Aug. 13, 2008--Standard&Poor's Ratings Services said it raised to 'A' from 'A-' its underlying rating (SPUR) on the city of Philadelphia, Pa.'s outstanding water and sewer revenue bonds. The outlook is stable. "The upgrade reflects the system's stable financial performance, which has resulted in a consistently satisfactory coverage ratio of 1.2x for senior-lien debt, a strong management team, and sound operations with ample capacity," said Standard&Poor's credit analyst Jennifer Rosso. Other positive credit factors are a rate increase in the fall, which should help maintain debt coverage, an experienced management that continues to emphasize system maintenance, stronger collections, and more comprehensive fiscal monitoring systems, and improved collections. Still, the rating is
