S&P Global Ratings raised its ratings on Philadelphia's fifth series A-2 gas works variable-rate demand revenue bonds, due Sept. 1, 2034, to 'AA-/A-1+' from 'A+/A-1' . The rating action follows the replacement of the irrevocable direct-pay letter of credit (LOC) that JP Morgan Chase Bank N.A. had provided with a new LOC from TD Bank N.A. The new rating reflects our opinion of the credit and liquidity support TD Bank provides in the form of an irrevocable direct-pay LOC during the weekly interest rate mode (the rated mode). The LOC covers the entire principal balance and 34 days of interest accruals at a 10% maximum bond rate. During the rated modes, we believe the coverage amount is sufficient to pay
