Philadelphia Philadelphia Redevelopment Authority; General Obligation; General Obligation Equivalent Security; Joint Criteria

S&P Global Ratings assigned its 'A' rating to the Philadelphia Redevelopment Authority's series 2018 taxable city service agreement revenue bonds. The outlook is stable. The authority's 2018 service agreement bonds and existing city agreement revenue bonds are limited obligations of the city, payable solely from service fees from the city under the city service agreement. Although current city revenue secures service fees, the city service agreement provides that as long as the bonds remain outstanding, Philadelphia's obligation to pay service fees is absolute and unconditional. Therefore, we rate these bonds equivalent to the general obligation (GO) rating. At the same time, S&P Global Ratings affirmed its 'A' rating on Philadelphia's existing GO bonds and parity ratings and its 'AA/A-1' rating

...S&P Global Ratings assigned its 'A' rating to the Philadelphia Redevelopment Authority's series 2018 taxable city service agreement revenue bonds. The outlook is stable. The authority's 2018 service agreement bonds and existing city agreement revenue bonds are limited obligations of the city, payable solely from service fees from the city under the city service agreement. Although current city revenue secures service fees, the city service agreement provides that as long as the bonds remain outstanding, Philadelphia's obligation to pay service fees is absolute and unconditional. Therefore, we rate these bonds equivalent to the general obligation (GO) rating. At the same time, S&P Global Ratings affirmed its 'A' rating on Philadelphia's existing GO bonds and parity ratings and its '##/A-1' rating on certain Philadelphia Authority for Industrial Development (PAID) debt with PNC Bank We also affirmed our '##+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The...

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