Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Philadelphia

Summary: Philadelphia, PA; Tax Secured, Note

Published Jul 01, 2003

1121 words — Published Jul 01, 2003

Price US$ 225.00 | Buy this Report Now

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Abstract:

The 'SP-1+' rating on Philadelphia, Pa.'s $350 million Series 2003 TRANs reflects the city's: Good general fund liquidity position; and Good historical, but only adequate projected debt service coverage from net ending general fund cash balances on the segregation dates and TRAN maturity date. The TRANs are secured by the city's ('BBB' GO rating/stable) full faith and credit GO pledge and are payable from fiscal 2004 general fund receipts. Proceeds will finance the city's seasonal cash flow needs. The TRAN repayment account will be held by the trustee, Wachovia Bank, N.A. The city is required to deposit funds with the trustee on May 28, 2004, sufficient to pay principal and, on June 29, 2004, sufficient to pay interest. The city's

Brief Excerpt:

RESEARCH Summary: Philadelphia, PA; Tax Secured, Note Publication date: 01-Jul-2003 Credit Profile $350. mil TRANs ser 2003 dtd 07/01/2003 due 06/29/2004 SP-1+ Sale date: 01-JUL-2003 Rationale The 'SP-1+' rating on Philadelphia, Pa.'s...

Report Type:

Summary

Issuer

Philadelphia

Sector

Global Issuers, Public Finance, Structured Finance

Country

United States

Region

United States

Format:

HTML

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Philadelphia, PA; Tax Secured, Note" Jul 01, 2003. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-PA-Tax-Secured-Note-321082>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Philadelphia, PA; Tax Secured, Note Jul 01, 2003. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-PA-Tax-Secured-Note-321082>

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