Standard&Poor's Ratings Services lowered its rating on Philadelphia Gas Works (PGW), Pa.'s eighth series C revenue refunding bonds (1998 general ordinance) by one notch to 'AA+/A-1' from 'AAA/A-1'. At the same time, Standard&Poor's raised its rating on PGW's eighth series D revenue refunding bonds (1998 general ordinance) by one notch to 'AAA/A-1+' from 'AA+/A-1'. These rating actions are due to substitutions of the existing letters of credit (LOCs) provided by Bank of Nova Scotia (A+/A-1) and Bank of America (A/A-1) on the series C and D bonds, respectively, with new LOCs provided by Barclays Bank PLC (A/A-1) and Royal Bank of Canada (AA-/A-1+) on series C and D, respectively. The substitution is expected to take place
