...S&P Global Ratings assigned its 'A' rating to the city of Philadelphia's series 2019A general obligation (GO) refunding bonds. The outlook is stable. At the same time, S&P Global Ratings affirmed its 'A' rating on the city's existing GO bonds and parity ratings and its '##/A-1' ratings on certain Philadelphia Authority for Industrial Development (PAID) debt with PNC Bank. We also affirmed our '##+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook is stable. The rating reflects an improved financial position, supported in part by strong revenue growth, coupled with continued focus on pension funding, school district support and reserve balance growth. The city continues to face challenges with respect to pensions and pockets of poverty. Its pension position and payment discipline have improved, but the overall funded level remains low, in our view. Economic growth has underpinned much of the improvement for Philadelphia. We believe if there is a turn...
