Summary: Philadelphia Authority for Industrial Development Philadelphia; General Obligation; General Obligation Equivalent Security; Joint Criteria

Standard&Poor's Ratings Services assigned its 'A+' long-term rating to the Philadelphia Authority for Industrial Development (PAID), Pa.'s series 2016A and 2016B city agreement 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 (PMA) and the Philadelphia Redevelopment Authority (PRA). The outlook is stable. Standard&Poor's also affirmed its 'AAA/A-1+' and 'AAA/A-1' ratings on certain GO and PAID debt, with PNC Bank, Bank of New York Mellon, and TD Bank providing liquidity support. The city's GO bonds are secured by its full faith and credit

...Standard & Poor's Ratings Services assigned its 'A+' long-term rating to the Philadelphia Authority for Industrial Development (PAID), Pa.'s series 2016A and 2016B city agreement 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 (PMA) and the Philadelphia Redevelopment Authority (PRA). The outlook is stable. Standard & Poor's also affirmed its '###/A-1+' and '###/A-1' ratings on certain GO and PAID debt, with PNC Bank, Bank of New York Mellon, and TD Bank providing liquidity support. The city's GO bonds are secured by its full faith and credit GO pledge. The GO-equivalent debt represents limited obligations of the issuing authority, payable solely from revenue under a service agreement or prime lease (as applicable) between it and the city. Under the agreement,...

Summary