NEW YORK (Standard&Poor's) April 3, 2012--Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on Philadelphia's general obligation (GO) debt one notch to 'BBB+' from 'BBB'. The outlook is positive. The upgrade reflects Standard&Poor's assessment of the city's progress in eliminating a large general fund deficit in fiscal 2011 and projected general fund surplus in fiscal 2012. At the same time, Standard&Poor's assigned its 'BBB+' long-term rating and positive outlook to the city's $22.27 million series 2012A GO refunding bonds and Philadelphia Redevelopment Authority's $94.695 million series 2012 revenue refunding bonds, issued for the city and its Philadelphia Neighborhood Transformation Initiative. "We believe that if the economic recovery is slow
