The 'A-1+' short-term rating on Philadelphia, Pa.'s gas works revenue CP notes series D is based on a LOC provided by JPMorgan Chase Bank. The CP notes are a special obligation of Philadelphia, however, the primary source of payment for the notes is the LOC. Note proceeds will be used to pay the cost of financing a portion of the inventory and receivables of the Philadelphia Gas Works and refund notes issued for such project costs. The LOC is in a stated amount of $100 million and expires on May. 15, 2007. The notes will mature within 270 days and one day prior to the LOC expiration. Under various circumstances the bank can send the fiscal agent a no issuance
