NY -- Standard&Poor's CreditWire 10/17/97 -- Standard&Poor's today assigned its triple-'B' rating to Philadelphia, Pa.'s $200 million water and wastewater revenue bonds series 1997A. Standard&Poor's affirmed its triple-'B' rating on the city's outstanding water and sewer bonds. The ratings reflect the following credit concerns: -- Declining collection rates, which have slipped to 82.2% in fiscal 1996, following a peak of 87.1% in fiscal 1994 after the city's Department of Water implemented monthly billing; and --Significant anticipated additional debt resulting from a large capital improvement program. These concerns are partially mitigated by the following credit strengths: -- Stable financial position, with coverage of senior revenue debt service managed to the 1.2 times (x) level following
