S&P Rates Philadelphia, PA $350M TRANs 'SP-1+' - S&P Global Ratings’ Credit Research

S&P Rates Philadelphia, PA $350M TRANs 'SP-1+'

S&P Rates Philadelphia, PA $350M TRANs 'SP-1+' - S&P Global Ratings’ Credit Research
S&P Rates Philadelphia, PA $350M TRANs 'SP-1+'
Published Jun 12, 1998
Published Jun 12, 1998
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NY -- Standard&Poor's CreditWire 6/12/98 –- Standard&Poor's today assigned its 'SP-1'-plus rating to Philadelphia, Pa.'s $350 million TRANS series 1998-1999 dated July 1, 1998 due June 30, 1999. The rating reflects a stable liquidity position and strong debt service coverage by net ending general fund cash balances on the debt service segregation date and the TRAN maturity date. The TRANs are secured by fiscal 1999 general fund receipts. The note repayment fund will be held by the trustee (Commerce Bank) and invested in U.S. obligations. The city is required to deposit principal of $350 million on June 1, 1999 and the interest payment on June 29, 1999. Projected debt service coverage by net ending general fund

  
Report Type:

Ratings Action

Issuer
Philadelphia
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "S&P Rates Philadelphia, PA $350M TRANs 'SP-1+'" Jun 12, 1998. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/S-P-Rates-Philadelphia-PA-350M-TRANs-SP-1-60032>
  
APA:
S&P Global Ratings’ Credit Research. (). S&P Rates Philadelphia, PA $350M TRANs 'SP-1+' Jun 12, 1998. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/S-P-Rates-Philadelphia-PA-350M-TRANs-SP-1-60032>
  
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