...S&P Global Ratings affirmed its 'A' rating on the city of Philadelphia's gas works (PGW) revenue bonds, 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. At fiscal year-end Aug. 31, 2021, PGW had $1.1 billion in debt outstanding....
