Standard&Poor's Ratings Services confirmed its 'AAA/A-1+' rating on Philadelphia's series 1997B variable-rate water and wastewater revenue bonds, due to the bank facility being extended to Sept. 1, 2020. The long-term component of the rating is based jointly (assuming low correlation) on the ratings on the obligor, Philadelphia, and the letter of credit provider, TD Bank N.A. The short-term component of the rating is based solely on the short-term rating on TD Bank N.A. USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007 Criteria: Joint Support Criteria Update, April 22, 2009 Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, Feb. 20, 2015
