On Sept. 27, 2004, Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Philadelphia Gas Works' (PGW) senior revenue bonds and its 'BB+' rating on PGW's subordinate revenue bonds. At the same time, Standard&Poor's assigned its 'BBB-' rating to PGW's $120 million 2004 fifth series A-1 revenue bonds and approximately $60 million 2004 18th series revenue bonds. The outlook is negative. PGW's fifth series A-1 revenue bonds will help fund the agency's ongoing capital improvement program, and the 18th series bonds will refund a portion of 15th series bonds under the 1975 ordinance. PGW's business profile score has been changed to a '7' from a '6' on Standard&Poor's 10-point scale. Business profiles are categorized from
