Summary: Philadelphia Housing Authority; General Obligation

S&P Global Ratings revised the outlooks on its 'A+' issuer credit rating (ICR) on Philadelphia Housing Authority (PHA) and 'A+' rating on PHA's series 2017 revenue bonds, issued for PHA's headquarters project, to positive from stable and affirmed the ratings. The outlook revision reflects our opinion of improving financial performance because federal funding has increased for PHA since fiscal 2018 and cost savings have led to reduced operating expenses. The rating on PHA reflects its stand-alone credit profile (SACP) of 'a+' and our view that there is a moderate likelihood the federal government would provide timely and extraordinary support to PHA in the event of financial distress. The rating affects roughly $28.4 million of series 2017 PHA headquarters project general

...S&P Global Ratings revised the outlooks on its 'A+' issuer credit rating (ICR) on Philadelphia Housing Authority (PHA) and 'A+' rating on PHA's series 2017 revenue bonds, issued for PHA's headquarters project, to positive from stable and affirmed the ratings. The outlook revision reflects our opinion of improving financial performance because federal funding has increased for PHA since fiscal 2018 and cost savings have led to reduced operating expenses. The rating on PHA reflects its stand-alone credit profile (SACP) of 'a+' and our view that there is a moderate likelihood the federal government would provide timely and extraordinary support to PHA in the event of financial distress. The rating affects roughly $28.4 million of series 2017 PHA headquarters project general revenue bonds. PHA loaned series 2017 general-obligation bond proceeds to Philadelphia Housing Authority Development Corp., a PHA subsidiary, to finance the construction of PHA's headquarters. The series 2017 bonds are...

Summary