Standard&Poor's Rating Services has affirmed its 'BBB+' rating on Philadelphia, Penn.'s gas works revenue bonds, issued under its 1975 (closed senior lien) and 1998 ordinances (subordinate working lien). The outlook is stable. At the same time, Standard&Poor's affirmed its 'AAA/A-1+' and 'AA+/A-1' ratings on certain series of bonds, reflecting application of its joint support criteria. The ratings reflect our opinion of the following factors: Despite a dip in 2013, generally solid collections have enhanced Philadelphia Gas Works' (PGW) financial stability. The improved collections are partially due to above-average temperatures and lower and more stable gas prices, both of which make bills more affordable but cannot be counted on to continue. However, the improved collections are also
