Standard&Poor's Ratings Services assigned its 'AAA/A-1+' rating to Philadelphia, Pa.'s water and wastewater revenue refunding bonds, variable rate series 2005B. The long-term component of the rating is based on a bond insurance policy provided by Financial Security Assurance Inc. ('AAA'). The bond insurance covers principal of, and interest on, the bonds for regularly scheduled debt service payments. The short-term component of the rating is based on a SBPA provided by Depfa Bank plc ('AA-/A-1+') for the daily and weekly modes. The SBPA provides coverage for the purchase price of unremarketed tendered bonds, including up to 185 days' interest at an interest rate of 12% annually. The SBPA is scheduled to terminate on May 4, 2012. Initially, the bonds
