NEW YORK (Standard&Poor's) June 26, 2009--Standard&Poor's Ratings Services corrected its rating on Philadelphia Authority for Industrial Development (PAID), Pa.'s series 1999B bonds (due April 15, 2024) to 'BBB/Stable' from 'AA/Negative'. The bonds are insured by AMBAC Assurance Corp. (BBB/Watch Neg). The rating on the bonds is based on the underlying rating (SPUR) for PAID, since according to our criteria the issue credit rating on a fully credit-enhanced bond is the higher of the rating on the credit enhancer and the SPUR. On March 2, 1999, we incorrectly assigned a rating to the bonds based on a bond insurance policy from MBIA Insurance Corp., and subsequently did not update the rating.
