Standard&Poor's Ratings Services assigned its 'A+' long-term rating to Philadelphia's series 2015A general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'A+' long-term rating and underlying rating (SPUR) on Philadelphia's outstanding GO and GO-equivalent debt supported by the city and issued by the Philadelphia Authority for Industrial Development (PAID), Philadelphia Redevelopment Authority (PRA), and Philadelphia Municipal Authority (PMA). The outlook is stable. The city's GO bonds are secured by its full faith and credit GO pledge. The GO-equivalent debt represents limited obligations of the issuing authority, payable solely from revenue under the service agreement between it and the city. Under the agreement, Philadelphia agrees to pay a service fee out if its general
