Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Philadelphia

Summary: Philadelphia; Letter Of Credit

Published Aug 06, 2019

4 pages (1643 words) — Published Aug 06, 2019

Price US$ 225.00 | Buy this Report Now

About This Report

Abstract:

S&P Global Ratings assigned its 'A-1+', 'A-1', and 'A-1' short-term ratings to Philadelphia's series A-1, B-1, and C-1; A-2, B-2, and C-2; and A-3, B-3, and C-3 airport revenue commercial paper (CP) notes, respectively, based on irrevocable direct-pay letters of credit (LOCs) provided by T.D. Bank N.A. (series A-1, B-1, and C-1), Citibank N.A. (series A-2, B-2, and C-2), and Wells Fargo Bank N.A. (series A-3, B-3, and C-3). The issuer can issue up to $350 million of CP notes with a maturity up to 270 days. The aggregate CP note amount of all series cannot exceed the stated respective LOC amount and the amounts due upon note maturity funded in full with amounts available under the LOC. The LOCs

Brief Excerpt:

...The issuer can issue up to $350 million of CP notes with a maturity up to 270 days. The aggregate CP note amount of all series cannot exceed the stated respective LOC amount and the amounts due upon note maturity funded in full with amounts available under the LOC. The LOCs provide a combined $350 million of principal coverage and up to 270 days' interest coverage at the maximum rate of 12%....

Report Type:

Summary

Issuer

Philadelphia

Sector

Global Issuers, Public Finance, Structured Finance

Country

United States

Region

United States

Format:

PDF

Summary: Philadelphia; General Obligation – 2019/08/30 – US$ 225.00

Summary: FMSbonds Inc. (Series 2018-XF0719); Custodial Receipts; Residual Certificates; Tender Option Certificates/Bonds – 2019/10/11 – US$ 225.00

Philadelphia Bond Outlook Revised To Positive On Stronger Performance – 2019/11/21 – US$ 150.00

Summary: Philadelphia; General Obligation; General Obligation Equivalent Security; Joint Criteria – 2019/11/21 – US$ 225.00

Philadelphia?s GO Bond Rating Outlook Revised To Stable From Positive Due To Worsening U.S. Economic Forecast – 2020/04/21 – US$ 150.00

Summary: Philadelphia; Joint Criteria; Water/Sewer – 2019/07/26 – US$ 225.00

Philadelphia 2019B GO Bonds Assigned 'A' Rating; Other Ratings Affirmed – 2019/07/19 – US$ 150.00

Summary: Philadelphia; General Obligation; General Obligation Equivalent Security; Joint Criteria – 2019/07/19 – US$ 225.00

Summary: Philadelphia; Joint Criteria – 2019/05/15 – US$ 225.00

Philadelphia; Gas; Joint Criteria – 2019/05/08 – US$ 500.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author

Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Summary: Philadelphia; Letter Of Credit" Aug 06, 2019. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-Letter-Of-Credit-2278104>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Philadelphia; Letter Of Credit Aug 06, 2019. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-Letter-Of-Credit-2278104>

US$ 225.00

$ £ €

Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

Example Report

Click to View Sample Report

More Research

Search all our Residential Mortgage-Backed Securities from one place.