Standard&Poor's Ratings Services lowered its rating on Philadelphia Authority for Industrial Development, Pa.'s (Philadelphia) multi-modal lease revenue refunding bonds series 2007B sub-series B-2 and B-3 to 'AA+/A-1' from 'AAA/A-1+'. At the same time, Standard&Poor's affirmed its 'AAA/A-1+' rating on the series 2007B sub-series B-1 bonds. Finally, Standard&Poor's withdrew its rating on the series 2007B sub-series B-4 bonds. The rating actions on sub-series B-1 through B-3 reflect a change in the letter of credit (LOC) providers. The issuer has not requested a rating on the sub-series B-4 bonds. The change in LOC providers is expected to take place on or around May 24, 2011 (the substitution date). Prior to the substitution date, the bonds were
