Standard&Poor's Ratings Services assigned its 'SP-1+' rating to Philadelphia's series 2014-2015A tax and revenue anticipation notes (TRANs). The rating reflects our opinion of the city's: Strong projected debt service coverage (DSC) of 3.2x at maturity; An overall reduction in cash flow borrowing due to improved internal liquidity; Access to ample alternate liquidity in the consolidated cash funds. 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 2015 general fund receipts, including general property taxes; wage, earnings and net profits taxes; business privilege taxes; sales and use taxes; and revenue
