Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on Philadelphia's general obligation (GO) debt two notches to 'A+' from 'A-' based on its recently released local GO criteria. The outlook is stable. Standard&Poor's also raised to 'A+' from 'A-' its long-term rating and SPUR on Philadelphia Redevelopment Authority's, Philadelphia Authority for Industrial Development'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 rating reflects our assessment of the following strengthening factors for the city: Very strong management conditions with strong policies; Very strong liquidity providing very strong cash levels to cover both debt service and expenditures; Strong budgetary
