NEW YORK (S&P Global Ratings) Oct. 6, 2016--S&P Global Ratings raised both its long-term rating and underlying rating (SPUR) on Philadelphia's existing water and wastewater revenue debt to 'A+' from 'A'. We also assigned our 'A+' long-term rating to the city's series 2016 water and wastewater revenue refunding bonds. In addition, we affirmed our 'AA+/A-1+' rating on the city's series 1997B bonds, which are jointly secured by the city and the letter of credit (LOC) provider TD Bank N.A. Except for when applying joint criteria, in which case the outlook is not meaningful, the outlook on the bonds is stable. Since our last review, we have observed no significant cost escalations or unanticipated projects related to the city's large capital
