Standard&Poor's Ratings Services lowered its rating on Philadelphia Authority for Industrial Development, Pa.'s bonds to 'AAA/A-1' from 'AAA/A-1+'. The lowering of the short-term component of the rating reflects the fact that the existing liquidity facility with Landesbank Baden-Wuerttemberg was amended, therefore making it ineligible to continue to benefit from the statutory guarantee in place for grandfathered obligations. Grandfathered obligations are those obligations incurred by Landesbank Baden-Wuerttemberg between July 19, 2001, and July 18, 2005, and maturing between July 19, 2005, and Dec. 31, 2015, as well as obligations issued until July 18, 2001, irrespective of their maturity. The expiration date of the liquidity facility with Landesbank Baden-Wuerttemberg was extended from Nov. 23, 2005, to Nov. 21, 2006. This
