...S&P Global Ratings assigned its 'A' rating to Philadelphia's approximately $299 million series 2021A general obligation (GO) bonds and approximately $138 million series 2021B GO refunding bonds (federally taxable). At the same time, we affirmed our 'A' rating on the city's GO bonds outstanding and the Philadelphia Authority for Industrial Development's (PAID) lease revenue bonds issued for the city. We also affirmed our '##+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook is stable. Proceeds of the series 2021A bonds will pay for projects within the city's capital budget. Proceeds of the series 2021B bonds will refund all or a portion of the city's series 2014A GO bonds for interest cost savings, with no change in final maturity date. The city's full faith, credit and taxing power are pledged for the payment of its GO bonds. The outstanding lease revenue bonds are secured by service fee payments payable by Philadelphia to PAID under a service agreement....
