S&P Global Ratings has raised its rating on the City of Philadelphia's gas works (PGW) revenue bonds, issued under its 1998 ordinance, to 'A' from 'A-'. At the same time, S&P Global Ratings has assigned its 'A' rating to Philadelphia's revenue refunding bonds, 14th series, issued under the Philadelphia Gas Works' (PGW) 1998 ordinances. The outlook is stable. S&P Global Ratings has also raised its rating on the following issues rated under our joint support criteria (low correlation): 1998 ordinance, 8th series D bonds, jointly supported by a letter of credit from Royal Bank of Canada, to 'AA+/A-1+' from 'AA/A-1+' 1998 ordinance, 8th series B bonds, jointly supported by a letter of credit from Wells Fargo Bank N.A., to 'AA+/A-1+'
