Standard&Poor's Ratings Services assigned its 'A+' long-term rating to Philadelphia's series 2014A general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'A+' ratings on the city's outstanding GO bonds, and its 'A+' ratings on Philadelphia Redevelopment Authority's, Philadelphia Industrial Development Authority's, and Philadelphia Municipal Authority's GO-equivalent appropriation debt, supported by the city. A pledge of the city's full faith credit secures the GO bonds. The bonds will refund certain maturities of the series 2008B GO bonds. Current estimates indicate net present value savings in excess of 10%, which will be taken over the life of the bonds. The rating reflects our assessment of the following strengthening factors for the city: Very strong management
