Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on Philadelphia's general obligation (GO) debt one notch to 'BBB+' from 'BBB'. The outlook is positive. The upgrade reflects our assessment of the city's progress in eliminating a large general fund deficit in fiscal 2011 and projected general fund surplus in fiscal 2012. Standard&Poor's also raised its long-term rating and SPUR on Philadelphia Redevelopment Authority's; Philadelphia Industrial Development Authority?s; and Philadelphia Municipal Authority?s GO-equivalent appropriation debt, supported by the city, one notch to 'BBB+' from 'BBB'. At the same time, Standard&Poor's assigned its 'BBB+' long-term rating and positive outlook to the city's series 2012A GO refunding bonds and Philadelphia Redevelopment Authority's series 2012
