Summary: Philadelphia Municipal Authority, Pennsylvania Philadelphia; General Obligation; General Obligation Equivalent Security; Joint Criteria

S&P Global Ratings assigned its 'A+' long-term rating and negative outlook to Philadelphia Municipal Authority, Pa.'s series 2017 city agreement revenue refunding bonds, issued for Philadelphia, and affirmed its 'A+' long-term rating and underlying rating (SPUR), with a negative outlook, on Philadelphia's general obligation (GO) debt and Philadelphia Municipal Authority's; Philadelphia Authority for Industrial Development (PAID), Pa.'s; and Philadelphia Redevelopment Authority, Pa.'s GO and appropriation debt, issued for and supported by the city. The negative outlook continues to reflect our concerns that the city's rising retirement costs and ongoing operating pressure could weaken its already adequate reserves over the next one year to two years. S&P Global Ratings also affirmed its 'AA+/A-1+' and 'AA+/A-1' ratings on certain PAID debt with

...S&P Global Ratings assigned its 'A+' long-term rating and negative outlook to Philadelphia Municipal Authority, Pa.'s series 2017 city agreement revenue refunding bonds, issued for Philadelphia, and affirmed its 'A+' long-term rating and underlying rating (SPUR), with a negative outlook, on Philadelphia's general obligation (GO) debt and Philadelphia Municipal Authority's; Philadelphia Authority for Industrial Development (PAID), Pa.'s; and Philadelphia Redevelopment Authority, Pa.'s GO and appropriation debt, issued for and supported by the city. The negative outlook continues to reflect our concerns that the city's rising retirement costs and ongoing operating pressure could weaken its already adequate reserves over the next one year to two years. S&P Global Ratings also affirmed its '##+/A-1+' and '##+/A-1' ratings on certain PAID debt with TD Bank and PNC Bank providing liquidity support. The bonds are a limited obligation of the city, payable solely from rental payments to the authority...

Summary