Philadelphia's $350 Million Series 2003 TRANs Rated 'SP-1+' - S&P Global Ratings’ Credit Research

Philadelphia's $350 Million Series 2003 TRANs Rated 'SP-1+'

Philadelphia's $350 Million Series 2003 TRANs Rated 'SP-1+' - S&P Global Ratings’ Credit Research
Philadelphia's $350 Million Series 2003 TRANs Rated 'SP-1+'
Published Jun 30, 2003
568 words — Published Jun 30, 2003
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Abstract:

NEW YORK (Standard&Poor's) June 30, 2003—Standard&Poor's Ratings Services today assigned it 'SP-1+'rating to Philadelphia, Pa.'s $350 million TRANs. The sale date is July 1. The 'SP-1+' rating reflects the city's: Good general fund liquidity position; and Good historical, but only adequate 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 2004 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

  
Brief Excerpt:

RESEARCH Philadelphia's $350 Million Series 2003 TRANs Rated 'SP-1+' Publication date: 30-Jun-2003 NEW YORK (Standard & Poor's) June 30, 2003ùStandard & Poor's Ratings Services today assigned it 'SP-1+'rating to Philadelphia, Pa.'s $350...

  
Report Type:

Ratings Action

Issuer
Philadelphia
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Philadelphia's $350 Million Series 2003 TRANs Rated 'SP-1+'" Jun 30, 2003. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-s-350-Million-Series-2003-TRANs-Rated-SP-1-320990>
  
APA:
S&P Global Ratings’ Credit Research. (). Philadelphia's $350 Million Series 2003 TRANs Rated 'SP-1+' Jun 30, 2003. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Philadelphia-s-350-Million-Series-2003-TRANs-Rated-SP-1-320990>
  
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