Standard&Poor's Ratings Services assigned its 'A-' long-term rating to the Philadelphia Municipal Authority, Pa.'s 2013 series A city agreement revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'A-' long-term rating and underlying rating (SPUR) on the city of Philadelphia's general obligation (GO) debt and GO-equivalent debt supported by the city and issued by the Philadelphia Authority for Industrial Development (PAID), Philadelphia Redevelopment Authority, and Philadelphia Municipal Authority. The outlook is stable. The 'A-' rating reflects what we view as the city's: Proactive administration that has taken action to rebalance operations during a difficult recession, evidenced by surpluses in fiscal years 2010, 2011, and 2012 that have helped reverse a trend of general fund deficits;
