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 Jul 01, 1997
601 words — Published Jul 01, 1997
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

The rating on Philadelphia, Pa.'s notes reflects stable liquidity and very strong debt service coverage by net ending general fund cash balances on the debt service and maturity dates. The tax and revenue anticpiation notes (TRANs) are secured by fiscal 1998 general fund receipts. The note repayment fund will be held by the trustee (PNC Bank) and invested in U.S. Treasury obligations or repurchase agreements. The city is required to segregate and deposit principal of $150 million on May 1, 1998 and June 2, 1998, with interest to be deposited on June 29, 1998. Projected debt service coverage by net ending general fund cash balances is very strong at 4.26 times (x) on May 1 and 3.26x on June 1.

  
Brief Excerpt:

RESEARCH Summary: Philadelphia, PA; General Obligation, Local Note Publication date: 01-Jul-1997 Credit Profile RATIONALE The rating on Philadelphia, Pa.'s notes reflects stable liquidity and very strong debt service coverage by net...

  
Report Type:

Summary

Issuer
Philadelphia
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
HTML HTML
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Summary: Philadelphia, PA; General Obligation, Local Note" Jul 01, 1997. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-PA-General-Obligation-Local-Note-67575>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Philadelphia, PA; General Obligation, Local Note Jul 01, 1997. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-PA-General-Obligation-Local-Note-67575>
  
US$ 225.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Residential Mortgage-Backed Securities from one place.