...S&P Global Ratings raised the short-term components of the ratings on Philadelphia Gas Work's (PGW) eighth series B and eighth series E revenue refunding bonds to '##+/A-1+' and affirmed the long-term components. The affirmation and upgrade reflect the substitution of direct-pay letters of credit (LOCs). The new LOC provider for the eighth series B and eighth series E bonds is TD Bank N.A., replacing LOCs provided by Wells Fargo Bank N.A. and PNC Bank N.A., respectively. The ratings on each series reflect the application of our joint-support criteria, assuming low correlation between PGW and the bank providing the LOCs. The long-term components reflect the application of joint criteria between PGW and TD Bank N.A., the LOC provider. The short-term components solely reflect the short-term ratings assigned to the LOC provider. Under this structure, the fiscal agent is directed to first draw on the LOC for principal-and-interest payments; if there is insufficiency, the fiscal agent will apply...
