...S&P Global Ratings assigned its 'A+' long-term rating to Philadelphia's series 2019A water and wastewater revenue refunding bonds and the series 2020 forward delivery water and wastewater revenue refunding bonds. At the same time, we affirmed our 'A+' long-term ratings and underlying ratings (SPURs) on the city's existing water and wastewater revenue bonds, and our '##+/A-1+' rating on Philadelphia's series 1997B bonds, which are jointly secured by the city and the letter of credit 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 rating reflects our view of the system's very strong enterprise and financial risk profiles, as well as a large capital plan that will require substantial debt issuance in the coming years. Our view of the system's enterprise risk as very strong reflects: + The service base in the broad and diverse Philadelphia-Camden-Wilmington metropolitan area, although income...
