Standard&Poor's Ratings Services has lowered its rating on Philadelphia Gas Works (PGW), Pa.'s revenue refunding bonds, eighth series E, to 'AA+/A-1' from 'AAA/A-1+'. The rating action is due to the substitution of the letter of credit (LOC) provider to PNC Bank N.A. Pittsburgh, Pa. (A+/A-1) from JP Morgan Chase Bank, N.A. (AA-/A-1+). The substitution is expected to take place on Sept. 1, 2011. The long-term component of the rating continues to be based on the application of joint criteria between PGW, which is rated 'BBB+', and the LOC provider. However, pursuant to our criteria, since we believe both obligors (PGW and PNC) share the same region, the long-term rating will now reflect medium correlation. Before the substitution date,
