...S&P Global Ratings assigned its 'A+' long-term rating to Philadelphia's series 2020A and 2020B water and wastewater revenue 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 city will use the series 2020 bond proceeds to finance capital improvements to its water and wastewater system; refund all of a portion of the 1997B, 2010C, 2011B, 2012, and 2013A bonds; and pay costs of issuance. Securing debt service are net revenues of the water and sewer fund, which include (net of operating expenses) rates and charges of the system, transfers from the rate stabilization fund (RSF), and interest earnings. Rates must be set...
