The long-term rating assigned to Philadelphia, Pa.'s water and wastewater revenue bonds series 1997B is based on a bond insurance policy provided by Financial Guaranty Insurance Corp. ('AAA'). KBC Bank N.V. ('A+/A-1') has been substituted for Commerzbank AG ('A/A-2') as the standby bond purchase agreement (SBA) provider. As a result of this liquidity facility substitution, the rating on the bonds has been raised to 'AAA/A-1' from 'AAA/A-2'. On Oct. 23, 2002, the alternate standby bond purchase agreement will become effective. This alternate SBA provided by KBC Bank N.V. is scheduled to expire on Oct. 24, 2005.
