Standard&Poor's Ratings Services assigned its 'SP-1+' rating to Philadelphia's series 2012-2013A tax and revenue anticipation notes (TRANs). The rating reflects our opinion of the city's: Improved general fund liquidity at fiscal year-end 2012, Access to ample alternate liquidity in the consolidated cash funds, and Satisfactory historical and projected debt service coverage (DSC) from net ending general fund cash balances on the segregation dates and the TRAN maturity date. The TRANs are a general obligation (GO) of Philadelphia (BBB+/Positive GO debt rating), but the city has not pledged its taxing power; therefore, it is not required to levy ad valorem taxes for TRAN payments. The notes, however, are payable from fiscal 2013 general fund receipts. Although not pledged as
