NEW YORK (Standard&Poor's) June 28, 2002--Standard&Poor's said today it assigned its 'SP-1'-plus rating to Philadelphia, Pa.'s $300 million TRANs series 2002A, reflecting the city's strong general fund liquidity position. 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 ending general fund cash balances is very strong at 1.84 times (x) on the May 31 segregation date. Coverage of interest on the June 27 segregation date is overwhelming. Projected coverage of both principal and interest at maturity on June
