Standard&Poor's Ratings Services has affirmed its 'AAA/A-1+' rating on the city of Philadelphia, Pa.'s series 2009B general obligation (GO) multimodal refunding bonds, following the substitution of the letter of credit (LOC) provider to Bank of New York Mellon (AA-/A-1+) from the LOC provided by Royal Bank of Canada (AA/A-1+). The rating on the bonds continues to be based on the application of joint criteria and continues to assume low correlation between the city, which is rated 'BBB+', and the LOC provider. The short-term rating on the bonds is based solely on the LOC provider. The SPUR reflects our view of the city's GO pledge on the bonds and reflects: Proactive administration that has taken action to rebalance operations
