S&P Global Ratings assigned its 'A-1' and 'A-1+' short-term ratings to Philadelphia's series A and B water and wastewater revenue commercial paper (CP) notes, respectively. The ratings reflect individual irrevocable direct-pay letters of credit (LOCs) provided by Industrial&Commercial Bank of China Ltd., New York branch (series A), and Royal Bank of Canada, acting through its New York branch (series B). The ratings on the series A CP notes reflects the lower of our short-term foreign currency rating on the LOC provider's parent, Industrial&Commercial Bank of China Ltd., and our short-term foreign currency rating on the U.S., the jurisdiction where Industrial&Commercial Bank of China Ltd.'s New York branch operates. The issuer can issue up to
