Standard&Poor's Ratings Services assigned its 'BBB' debt rating, and stable outlook, to the city of Philadelphia's general obligation (GO) fixed-rate refunding bonds, series 2009A. At the same time, we affirmed the 'BBB' rating on the parity related debt outstanding. The outlook is stable. The bonds are secured by the city's full faith pledge. Bond proceeds from this issue and separate 2009 series B multi-modal refunding bonds will be used to refund the city's GO multi-modal refunding bonds, series 2007B outstanding, and to make a termination payment due with respect to a portion of a related swap. The rating on the series 2009B bonds will follow shortly thereafter. The ratings reflect our opinion of the following weaknesses: The city's
