Summary: Philadelphia, PA; General Obligation, Local Note - S&P Global Ratings’ Credit Research

Summary: Philadelphia, PA; General Obligation, Local Note

Summary: Philadelphia, PA; General Obligation, Local Note - S&P Global Ratings’ Credit Research
Summary: Philadelphia, PA; General Obligation, Local Note
Published Jun 18, 1999
697 words — Published Jun 18, 1999
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Abstract:

The rating on Philadelphia, Pa.'s TRANs reflects: An improving liquidity position; and Strong debt service coverage, historical and projected, by net ending general fund cash balances on the debt service segregation date and the TRAN maturity date. The TRANs are secured by fiscal 2000 general fund receipts. The note repayment fund will be held by the trustee (Chase Manhattan Trust Co.) and invested in U.S. obligations. The city is required to deposit with the trustee the entire $270 million principal payment on June 1, 2000, and the interest payment on June 29, 2000. Projected debt service coverage by net ending general fund cash balances is very strong at 2.75 times (x) on June 1 and 1.66x at maturity on June

  
Brief Excerpt:

RESEARCH Summary: Philadelphia, PA; General Obligation, Local Note Publication date: 18-Jun-1999 Credit Profile $270 mil muni debt muni issue due 2000 SP-1+ Sale date: 29-JUN-9990 RATIONALE The rating on Philadelphia, Pa.'s TRANs reflects:...

  
Report Type:

Summary

Issuer
Philadelphia
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Summary: Philadelphia, PA; General Obligation, Local Note" Jun 18, 1999. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-PA-General-Obligation-Local-Note-108618>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Philadelphia, PA; General Obligation, Local Note Jun 18, 1999. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-PA-General-Obligation-Local-Note-108618>
  
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