S&P Global Ratings affirmed its 'A' long-term rating and underlying rating (SPUR) on the City of Philadelphia's gas works (PGW) revenue bonds, issued under its 1998 general ordinance. S&P Global Ratings also affirmed its 'AA+/A-1+' rating on the following issues rated under its joint support criteria (low correlation): the 1998 ordinance, 8th series B, C, D, and E bonds, jointly supported by a letter of credit from TD Bank N.A. The outlook, where applicable, is stable. The bonds are secured by a pledge of gas works revenues net of operating expenses. Additionally, the ratings on the joint support debt referenced above are also secured by letters of credit. At fiscal year-end Aug. 31, 2022, PGW had $997 million in debt
