Standard&Poor's Ratings Services assigned its 'A+' long-term rating to the Philadelphia Authority for Industrial Development (PAID), Pa.'s series 2014B lease revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'A+' long-term rating and underlying rating (SPUR) on the city of Philadelphia's general obligation (GO) debt and GO-equivalent debt supported by the city and issued by the Philadelphia Municipal Authority and the Philadelphia Redevelopment Authority. The outlook is stable. The long-term rating reflects the security provided by an unconditional lease agreement by which the city will make annual rent payments sufficient to pay debt service on the 2014B bonds; therefore, the rating reflects Philadelphia's GO credit characteristics. Bond proceeds will finance the current refunding of the
