S&P Global Ratings lowered its rating on Philadelphia's $100 million series 2009B general obligation (GO) multimodal refunding bonds to 'A/A-1' from 'A+/A-1'. The rating action reflects our opinion of a new direct-pay letter of credit (LOC) from Truist Bank that replaces the LOC provided by Barclays Bank PLC, effective April 16, 2025. The long-term component of the rating reflects our long-term issuer credit rating (ICR) on Truist Bank and addresses our expectation of full and timely interest-and-principal payments when bondholders have not exercised the put option. The short-term component of the rating reflects our short-term ICR on Truist Bank and addresses our expectation of full and timely interest-and-principal payments when bondholders have exercised the put option. The new LOC will
