NEW YORK (Standard&Poor's) April 13, 2005—Standard&Poor's Ratings Services has assigned its 'A-' rating to Philadelphia, Pa.'s $250 million water and sewer revenue bonds series 2005A and $86 million water and sewer revenue refunding bonds series 2005B. The bonds are scheduled to sell on April 18. The outlook is stable. At the same time, the rating agency affirmed its 'A-' standard long-term rating and underlying rating (SPUR) on the city's outstanding water and sewer revenue debt. The rating reflects continued reliance on rate stabilization fund support, (projected to be depleted by 2008), to meet covenanted coverage levels; weak demographic trends, which include long-term population decline, resulting in overcapacity within the water system; weak, but stable, collections, resulting
