...S&P Global Ratings affirmed its '##+/A-1+' rating on the City of Philadelphia Gas Works (PGW) revenue refunding bonds, eighth series D. The outlook, where applicable, is stable. The short-term component of the rating reflects the substitution of direct-pay letter of credit (LOC) providers. The rating on the series reflects the application of our joint-support criteria, assuming a low correlation between PGW and the bank providing the LOC. The long-term component of the rating continues to be based on the application of joint criteria between PGW, which is rated 'A', and the LOC provider, TD Bank N.A. (##-/Stable/A-1+). The short-term component of the rating solely reflects the short-term rating assigned to the LOC provider. Under this structure, the fiscal agent is directed to first draw on the LOC for payment of principal and interest and, if there is an insufficiency, then the fiscal agent will apply money held in the sinking fund to pay the principal and interest on the bonds. The substitution...
