The rating on Philadelphia, Pa.'s GO bonds and GO refunding bonds reflects: A demonstrated track record of sound financial operations over the past several years, with fiscal 2000 ending with a $295.1 million unreserved general fund balance; Continued fiscal oversight provided by the Pennsylvania Intergovernmental Cooperation Authority (PICA); Continuing longstanding fiscal crises at the Philadelphia School District and PGW--while not legally obligated to provide funds, the city has elected to provide a total of $90 million of additional monies from its general fund balance above the amounts provided for in the fiscal 2001 budget to provide financial assistance to the school district and PGW; Its location in the center of a diverse regional economy, with economic growth--despite being solid over
