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

S&P Global Ratings affirmed its 'A' rating on the Philadelphia Authority for Industrial Development (PAID), Pa.'s lease revenue refunding bonds and parity city general obligation (GO) debt, issued for the city of Philadelphia. We also affirmed our 'AA+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook is stable. The city's full faith, credit and taxing power are pledged for the payment of its GO bonds. The PAID bonds are payable by authority rental payments by the city under leases. We do not view the PAID bonds as subject to appropriation given that the obligation of the city to pay the rent is unconditional and absolute. Additionally, the existing bonds through PAID bonds or service contracts

...S&P Global Ratings affirmed its 'A' rating on the Philadelphia Authority for Industrial Development (PAID), Pa.'s lease revenue refunding bonds and parity city general obligation (GO) debt, issued for the city of Philadelphia. We also affirmed our '##+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook is stable. The city's full faith, credit and taxing power are pledged for the payment of its GO bonds. The PAID bonds are payable by authority rental payments by the city under leases. We do not view the PAID bonds as subject to appropriation given that the obligation of the city to pay the rent is unconditional and absolute. Additionally, the existing bonds through PAID bonds or service contracts are not subject to appropriation and therefore are viewed to have the same credit strength as the full-faith and credit obligations of city's GO bonds....

Summary