S&P Global Ratings raised its short-term rating on Philadelphia's series A-1, B-1, and C-1 airport revenue commercial paper (CP) notes to 'A-1' from 'A-2'. The rating action reflects the substitution of the current letter of credit (LOC) provided by Barclays Bank PLC with a new LOC provided by Sumitomo Mitsui Banking Corp., acting through its New York Branch. We understand there are currently no CP notes outstanding. The effective date of the substitution is Sept. 16, 2016. The LOC will provide coverage for principal plus 270 days' interest at the maximum 12% rate. The issuing and paying agent is instructed to draw on the LOC at the times and in the amounts necessary for the payment of principal and interest
