NY -- Standard&Poor's CreditWire 1/7/1999 – Standard&Poor's today assigned its triple-'B' underlying rating (SPUR) to Philadelphia Authority for Industrial Development, Pa.'s $1.29 billion pension funding bonds series 1999 A, B, and C . The bonds are expected to receive a triple-'A' rating based on FSA, MBIA, and AMBAC bond insurance. The triple-'B' SPUR reflects security provided by a service agreement with Philadelphia and therefore reflects the city's triple-'B' GO rating (stable outlook). The GO rating was affirmed in November 1998. Philadelphia's key credit characteristics include: -- A trend of sound financial operations, producing six consecutive years of balanced operations; -- A demonstrated trend in budgeting and long-term financial planing; and -- The presence of the Pennsylvania
