The 'A+/A-1' rating on Philadelphia, Pa.'s gas works variable-rate demand revenue bonds fifth series A-2 bonds is based on the application of several but not joint criteria to a direct-pay LOC provided by JPMorgan Chase Bank (AA-/Stable/A-1+) and the Bank of Nova Scotia (A+/Positive/A-1). The several percentage of each bank as it relates to a drawing on the LOC will be equal to 50% of the obligation. If one bank defaults, the other bank is only liable for half of the obligation, therefore, the issue is rated based on the lowest rating of the banks. The issue is eligible for a rating upgrade based on the rating of the lowest rated bank. The LOC provides coverage for scheduled bond payments,
