...S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on Philadelphia's gas works (PGW) revenue bonds outstanding, issued under its 1998 general ordinance. The outlook is stable. S&P Global Ratings also affirmed the following ratings on issues rated under our joint support criteria (low correlation): + '##+/A-1' rating on the 1998 ordinance, eighth series B bonds, jointly supported by a letter of credit (LOC) from Wells Fargo Bank N.A.; + '##/A-1' rating on the 1998 ordinance, eighth series C bonds, jointly supported by a LOC from Barclays Bank PLC; + '##+/A-1+' rating on the 1998 ordinance, eighth series D bonds, jointly supported by a LOC from Royal Bank of Canada; and + '##/A-1' rating on the 1998 ordinance eighth series E bonds, jointly supported by a LOC from PNC Bank N.A. We understand that PGW intends to replace both of the existing LOCs supporting the eighth series B and E bonds with LOCs provided by TD Bank N.A. later this month. A report will follow...
