Standard&Poor's Rating Services has assigned its 'AAA/A-1+' ratings on Philadelphia, Pa.'s gas works revenue refunding bonds, eighth series B ($105 million), C ($50 million), and E ($50 million), issued by the Philadelphia Gas Works (PGW). The rating reflects the application of the low correlation joint criteria table using individual letters of credit (LOCs) provided by Wachovia Bank, N.A. (AA/Negative/A-1+), Bank of Nova Scotia (AA-/Stable/A-1+), and JPMorgan Chase Bank (AA-/Negative/A-1+), respectively, and PGW. At the same time, Standard&Poor's assigned its 'AA/A-1' rating on Philadelphia's gas works revenue refunding bonds, eighth series D ($50 million), issued by PGW. The rating reflects the application of the low correlation joint criteria table using a LOC provided by Bank of America
