S&P Global Ratings assigned its 'A+' long-term rating to Philadelphia's series 2017B water and wastewater revenue refunding bonds, affirmed its 'A+' long-term ratings and underlying ratings (SPURs) on the city's existing water and wastewater revenue bonds, and also affirmed its 'AA+/A-1+' rating on Philadelphia 's series 1997B bonds, which are jointly secured by the city and the letter of credit (LOC) provider TD Bank N.A. Except for when applying joint criteria, in which case the outlook is not meaningful, the outlook on the bonds is stable. The city will use the series 2017 bond proceeds to refund the existing 2007B bonds and advance refund the series 2010C and series 2012 bonds. The 'A+' rating is based on the following characteristics:
