S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development's (PAID) $92.2 million series 2024 city service agreement revenue bonds (Rebuild Project). At the same time, we affirmed our 'A' rating on Philadelphia's existing general obligation (GO) and city service agreement revenue bonds. We also affirmed our 'AA+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook, where applicable, is positive. The authority's 2024 service agreement and existing city agreement revenue bonds are limited obligations of the city, payable solely from service fees from the city under the city service agreement. Philadelphia has covenanted in the service agreement and the ordinance to include in its annual operating budget and appropriate in each
