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

Philadelphia, Pennsylvania; Tax Secured, Note

Published Jun 28, 2002

1151 words — Published Jun 28, 2002

Price US$ 500.00 | Buy this Report Now

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Abstract:

The 'SP-1+' rating on Philadelphia, Pa.'s TRANs reflects the city's: Strong, general fund liquidity position; and Very strong historical and projected debt service coverage from net ending general fund cash balances on the segregation dates and TRAN maturity date. The TRANs are secured by the city's ('BBB' GO rating/stable) full faith and credit GO pledge and are payable from fiscal 2003 general fund receipts. Proceeds will finance the city's seasonal cash flow needs. The TRAN repayment account will be held by the trustee, Wachovia Bank, N.A. The city is required to deposit funds with the trustee on May 30, 2003, sufficient to pay principal and, on June 27, 2003, sufficient to pay interest. Projected debt service coverage of principal by

Brief Excerpt:

RESEARCH Philadelphia, Pennsylvania; Tax Secured, Note Publication date: 28-Jun-2002 Credit Profile $300 mil muni debt muni issue ser 2002A due 2003 SP-1+ Sale date: 08-JUL-2002 Rationale The 'SP-1+' rating on Philadelphia, Pa.'s TRANs...

Report Type:

Full Report

Issuer

Philadelphia

Sector

Global Issuers, Public Finance, Structured Finance

Country

United States

Region

United States

Format:

HTML

Summary: Philadelphia, PA; Utility, Gas – 2002/07/09 – US$ 225.00

BULLETIN: Philadelphia Gas Works Renews Letter of Credit; Removes Ratings Trigger – 2002/08/26 – Free

Summary: Philadelphia, PA – 2002/09/25 – US$ 225.00

Summary: Philadelphia, PA; Public Finance Structured, Letter of Credit – 2002/09/27 – US$ 225.00

Summary: Philadelphia, PA; Public Finance Structured, Insured Liquidity – 2002/10/29 – US$ 225.00

Philadelphia TRANs Rated 'SP-1+' – 2002/06/28 – US$ 150.00

Summary: Philadelphia, PA; Tax Secured, Note – 2002/06/28 – US$ 225.00

Philadelphia Gas Works Bond Ratings Affirmed and Removed From CreditWatch – 2002/05/29 – US$ 150.00

Summary: Philadelphia, PA; Utility, Gas – 2002/05/29 – US$ 225.00

Summary: Philadelphia, PA; Utility, Gas – 2002/05/14 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Philadelphia, Pennsylvania; Tax Secured, Note" Jun 28, 2002. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-Pennsylvania-Tax-Secured-Note-252461>

APA:	S&P Global Ratings’ Credit Research. (). Philadelphia, Pennsylvania; Tax Secured, Note Jun 28, 2002. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-Pennsylvania-Tax-Secured-Note-252461>

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