Standard&Poor's Ratings Services confirmed its 'AAA/A-1' rating on Philadelphia Authority for Industrial Development's (Philadelphia) series 2007B-3 multimodal lease bonds, due to the bank facility being extended to May 23, 2017. The long-term component of the rating is based jointly (assuming medium correlation) on the ratings on the obligor, Philadelphia, and the letter of credit provider, PNC Bank N.A. The short-term component of the rating is based solely on the rating on PNC Bank N.A. USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007 Criteria: Joint Support Criteria Update, April 22, 2009 Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009
