S&P Global Ratings assigned its 'A-1+' rating to Philadelphia's series 2022C water-and-wastewater revenue commercial paper (CP) notes and affirmed its 'A-1' rating on the city's series A CP based on individual irrevocable direct-pay letters of credit (LOCs) provided by TD Bank N.A. (series C) and Barclays Bank PLC (series A). The issuer can issue up to a total aggregate amount of $275 million of series A and C CP notes with a maturity up to 270 days. The aggregate CP note amount of each series cannot exceed the stated respective LOC amount. When evaluating CP notes, we consider various risk factors. Each LOC covers up to 270 days' interest accruals at a maximum 12% interest rate. Barclays Bank PLC's LOC
