Philadelphia's 16th Series A&B Revenue And Refunding Bonds Assigned 'A' Rating - S&P Global Ratings’ Credit Research

Philadelphia's 16th Series A&B Revenue And Refunding Bonds Assigned 'A' Rating

Philadelphia's 16th Series A&B Revenue And Refunding Bonds Assigned 'A' Rating - S&P Global Ratings’ Credit Research
Philadelphia's 16th Series A&B Revenue And Refunding Bonds Assigned 'A' Rating
Published Apr 24, 2020
3 pages (1471 words) — Published Apr 24, 2020
Price US$ 150.00  |  Buy this Report Now

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Abstract:

NEW YORK (S&P Global Ratings) April 24, 2020--S&P Global Ratings assigned its 'A' rating to the city of Philadelphia's gas works (PGW) revenue and refunding bonds (1998 general ordinance), 16th series A&B. At the same time, S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on PGW's outstanding parity debt, issued under the 1998 general ordinance. The outlook is stable. S&P Global Ratings also affirmed its ratings on the following issues rated under our joint support criteria (low correlation): 'AA+/A-1+' rating on the 1998 ordinance, eighth series B&E bonds, jointly supported by a letter of credit from TD Bank N.A.; 'AA/A-1' rating on the 1998 ordinance, eighth series C bonds, jointly supported by a letter of credit

  
Brief Excerpt:

...April 24, 2020 NEW YORK (S&P Global Ratings) April 24, 2020--S&P Global Ratings assigned its 'A' rating to the city of Philadelphia's gas works (PGW) revenue and refunding bonds (1998 general ordinance), 16th series A&B. At the same time, S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on PGW's outstanding parity debt, issued under the 1998 general ordinance. The outlook is stable. S&P Global Ratings also affirmed its ratings on the following issues rated under our joint support criteria (low correlation): - '##+/A-1+' rating on the 1998 ordinance, eighth series B&E bonds, jointly supported by a letter of credit from TD Bank N.A.; - '##/A-1' rating on the 1998 ordinance, eighth series C bonds, jointly supported by a letter of credit from Barclays Bank PLC; and - '##+/A-1+' rating on the 1998 ordinance, eighth series D bonds, jointly supported by a letter of credit from Royal Bank of Canada. The 16th series A bonds (about $215 million) will be used to fund...

  
Report Type:

Ratings Action

Issuer
Philadelphia
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Philadelphia's 16th Series A&B Revenue And Refunding Bonds Assigned 'A' Rating" Apr 24, 2020. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-s-16th-Series-A-B-Revenue-And-Refunding-Bonds-Assigned-A-Rating-2418951>
  
APA:
S&P Global Ratings’ Credit Research. (). Philadelphia's 16th Series A&B Revenue And Refunding Bonds Assigned 'A' Rating Apr 24, 2020. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-s-16th-Series-A-B-Revenue-And-Refunding-Bonds-Assigned-A-Rating-2418951>
  
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