S&P Global Ratings revised the outlook to positive from stable and affirmed its 'AA-' issuer credit rating (ICR) on Philadelphia Housing Authority (PHA), Pa., and its 'AA-' rating on the authority's series 2017 general revenue bonds. The outlook revision reflects our opinion of the sustained improvement of PHA's financial performance, which we expect the authority will maintain throughout our forecast years. The positive outlook also reflects our view of PHA's improved management and governance assessment to extremely strong. An ICR reflects the obligor's general creditworthiness and capacity and willingness to meet financial commitments when they come due. The ICR does not apply to any specific financial obligation and does not incorporate the obligation's nature and provisions, bankruptcy standing, liquidation, statutory
