Standard&Poor's Ratings Services assigned its 'A-' rating to Philadelphia, Pa.'s $382 million water and sewer revenue bonds series 2003 reflecting: Stable financial performance; Adequate debt service coverage of senior revenue debt at 1.20x, with 1.07x coverage of revenue debt, and transfers to general fund, capital fund, and residual fund; and A seasoned management team that emphasizes, and is achieving, improved system maintenance, stronger collections, and more comprehensive fiscal monitoring systems. Continuing offsetting credit factors include a slowly declining customer base, still-below-standard collection rates, and a sizeable capital improvement plan (CIP). The bonds are scheduled to sell March 17. Philadelphia's water and wastewater systems provide service to roughly 1.7 million and 2.2 million people, respectively, in the city and
