NEW YORK (Standard&Poor's) April 15, 2010--Standard&Poor's Ratings Services corrected and raised its underlying rating (SPUR) on Philadelphia's series 2003 and 2005B water and wastewater variable-rate revenue refunding bonds and series 2001A water and sewer revenue bonds, due Nov. 1, 2031, to 'A' from 'A-'. The outlook is stable. The series 2003 bonds (AAA/A-1) are guaranteed by a bond insurance policy from Assured Guaranty Municipal Corp. (AAA/Negative), which results in a long-term rating of 'AAA' on the bonds. The short-term component of the rating (A-1) is based on the liquidity provider Dexia Credit Local (A/A-1). The series 2001A bonds (A) are guaranteed by a bond insurance policy from National Public Finance Guarantee Corp. (A/Developing). The series 2005B
