Standard&Poor's Ratings Services assigned its 'AAA/A-1+' rating and its 'BBB+' underlying rating (SPUR) to Philadelphia Authority for Industrial Development, Pa.'s (Philadelphia) multi-modal lease revenue refunding bonds series 2007B subseries B-2, based on a substitution in enhancement that occurred on May 31, 2012, the substitution date. The outlook on the SPUR is positive. Prior to the substitution date, the long-term component of the dual rating reflected the application of joint criteria (assuming low correlation) between the ratings on the obligor and the prior letter of credit (LOC) provider, Bank of America. The short-term component of the rating reflected the short-term component of the rating on the LOC provider. Effective on the substitution date, the long-term component of the rating
