Philadelphia, Pa.'s 2001-2002 TRANs series A are secured by the city's ('BBB' GO rating/Stable) full faith and credit GO pledge and are payable from fiscal 2002 general fund receipts. Proceeds will finance the city's seasonal cash flow needs. The 'SP-1+' short-term rating reflects: The city's strong general fund liquidity position, and Very strong historical and projected debt service coverage by net ending general fund cash balances on the segregation dates and TRAN maturity date. The TRAN repayment account will be held by the trustee--First Union National Bank, National Assn. The city is required to deposit funds with the trustee on May 31, 2002, sufficient to pay principal and, on June 27, sufficient to pay interest. Projected debt service coverage of
