Standard&Poor's Ratings Services assigned its 'SP-1+' rating to Philadelphia's $100 million series 2013-2014A tax and revenue anticipation notes (TRANs). The rating reflects our opinion of the city's: Improved general fund liquidity at fiscal year-end 2013, 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, 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 2014 general fund receipts, including general property taxes; wage, earnings
