S&P Global Ratings lowered its rating on Philadelphia's series 2009B general obligation (GO) multimodal refunding bonds to 'A-/A-2' from 'AA+/A-1+'. This rating action reflects the May 26, 2016, changing of the letter of credit (LOC) provider to Barclays Bank PLC from Bank of New York Mellon. At the same time, S&P Global Ratings withdrew the underlying rating (SPUR) at the issuer's request. The rating on the bonds will no longer be based on our joint-criteria methodology. Therefore, the rating on the bonds will be based solely on the LOC provided by Barclays Bank. The LOC provides coverage for the payment of principal of, and interest on, the bonds, including the payment of unremarketed tendered bonds. The LOC provides for a
