Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Philadelphia

Philadelphia, Pennsylvania; General Obligation, Local Note

Published Jun 27, 2000

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Abstract:

The rating on Philadelphia, Pa.'s TRANs reflects: A good liquidity position, and Strong historical and projected debt service coverage by net ending general fund cash balances on the debt service segregation date and the TRAN maturity date. The TRANs are secured by fiscal 2001 general fund receipts. The note repayment fund will be held by the trustee (Commerce Bank, Pa., N.A.) and invested in U.S. obligations. The city is required to deposit with the trustee the entire $250 million principal payment on June 1, 2001, and the interest payment on June 28, 2001. Projected debt service coverage by net ending general fund cash balances is very strong at 2.66 times (x) on June 1 and 1.72x at maturity on June

Report Type:

Full Report

Issuer

Philadelphia

Sector

Global Issuers, Public Finance, Structured Finance

Country

United States

Region

United States

Format:

HTML

Bonds for Philadelphia Gas Works Placed on CreditWatch Negative – 2000/07/20 – US$ 150.00

Summary: Philadelphia, PA; Revenue - Utility, Gas – 2000/07/21 – US$ 225.00

Philadelphia Gas Works; Revenue - Utility, Gas – 2000/07/21 – US$ 500.00

Philadelphia, PA's GO Bonds Rated 'BBB'; TRANs Affirmed at 'SP-1+' – 2001/01/04 – US$ 150.00

Philadelphia, Pennsylvania; General Obligation, Local GO; General Obligation, Local Lease; General Obligation, Local Note – 2001/01/04 – US$ 500.00

Summary: Philadelphia, PA; General Obligation, Local Note – 2000/06/27 – US$ 225.00

Philadelphia, Pa.'s TRANs Rated 'SP-1+' – 2000/06/26 – US$ 150.00

Summary: Philadelphia, PA; Revenue - Utility, Water/Sewer – 1999/12/17 – US$ 225.00

Philadelphia, PA's TRANs Rated `SP-1+' – 1999/06/18 – US$ 150.00

Summary: Philadelphia, PA; General Obligation, Local Note – 1999/06/18 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Philadelphia, Pennsylvania; General Obligation, Local Note" Jun 27, 2000. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-Pennsylvania-General-Obligation-Local-Note-156316>

APA:	S&P Global Ratings’ Credit Research. (). Philadelphia, Pennsylvania; General Obligation, Local Note Jun 27, 2000. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-Pennsylvania-General-Obligation-Local-Note-156316>

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