Standard&Poor's Ratings Services assigned its 'BBB+' long-term rating and positive outlook to Philadelphia Authority for Industrial Development's (PAID) series 2012 taxable city service agreement refunding revenue bonds, supported by a service agreement with Philadelphia. At the same time, Standard&Poor's affirmed its 'BBB+' long-term rating and underlying rating (SPUR), with a positive outlook, on the city's general obligation (GO) debt and GO-equivalent debt supported by the city and issued by PAID, Philadelphia Redevelopment Authority, and Philadelphia Municipal Authority. The rating reflects our opinion of the city's: Proactive administration that has taken action to rebalance operations during a difficult recession, evidenced by surpluses in fiscal years 2010 and 2012 that eliminated a large general fund deficit; Fiscal oversight
