NY -- Standard&Poor's CreditWire 12/9/1998 – Standard&Poor's today assigned its triple-'B'-plus underlying rating (SPUR) to Philadelphia, Pa.'s $177.09 million water and wastewater revenue refunding bonds series 1998 and 1999. The bonds are expected to receive a triple-'A' rating based on bond insurance. In addition, Standard&Poor's raised its rating on the city's outstanding water and sewer bonds to triple-'B'-plus from triple-'B'. The upgrade reflects: -- A trend of sound financial operations, with the department balancing operations since fiscal 1995 without a rate increase; -- A consistently strong regulatory compliance record following the resolution of three environmental consent orders; -- Regional provider of wastewater and water services to 11 wholesale customers in addition to retail service
