S&P Global Ratings raised its long-term rating to 'AA+/A-1+' from 'AA/A-1' on the City of Philadelphia Gas Works' (PGW) revenue refunding bonds, eighth series C. The raised long-term and short-term components of the rating reflect the substitution of direct-pay letter of credit (LOC) provider. The rating 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 is based on the application of joint criteria between PGW, which is rated 'A'/Stable, and the LOC provider, TD Bank N.A. ('AA-/Stable/A-1+'). The short-term component of the rating solely reflects the short-term rating on the LOC provider. For more information regarding PGW's underlying credit quality, see our analysis, published
