NY -- Standard&Poor's CreditWire 11/13/98 – Standard&Poor's today assigned its triple-'B' rating to Philadelphia, Pa.'s $250 million GO bonds. In addition, Standard&Poor's affirmed its triple-'B' rating on various issuers issued for Philadelphia (see list below). The outlook is stable. The rating on Philadelphia's GO bonds reflects: -- A trend of sound financial operations, producing six consecutive years of balanced operations; -- Demonstrated trend in budgeting and long-term financial planing; and -- The presence of the Pennsylvania Intergovernmental Cooperation Authority, the fiscal oversight authority. These factors are constrained by; -- Below average economic trends; -- A tax base that has been slow to recover from the last recession; -- A large unfunded pension; and --
