...S&P Global Ratings assigned its 'A' rating to the city of Philadelphia's $267 million gas works (PGW) revenue and refunding bonds (1998 general ordinance), 16th series A&B. At the same time, S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on PGW's parity debt outstanding, issued under its 1998 general ordinance. The outlook is stable. S&P Global Ratings also affirmed its ratings on the following issues rated under its joint support criteria (low correlation): + The '##+/A-1+' rating on the 1998 ordinance, 8th series B&E bonds, jointly supported by a letter of credit from TD Bank N.A.; + The '##/A-1' rating on the 1998 ordinance, 8th series C bonds, jointly supported by a letter of credit from Barclays Bank PLC; and + The '##+/A-1+' rating on the 1998 ordinance, 8th series D bonds, jointly supported by a letter of credit from Royal Bank of Canada. Securing the bonds is a pledge of gas works revenues net of operating expenses. The 16th series A bonds will...
