Standard&Poor's Rating Services assigned its 'AAA/A-1+' rating to Philadelphia, Pa.'s Philadelphia Gas Works (PGW) revenue bonds, sixth series. The long-term component of the rating is based on a bond insurance policy provided by Financial Security Assurance Inc. ('AAA'/Stable). The long-term component of the rating represents the likelihood that debt service will be paid over the life of the issue. The short-term component of the rating is based on a standby purchase agreement provided severally by JP Morgan Chase Bank N.A. ('A-1+'), Wachovia Bank N.A. ('A-1+'), and The Bank of Nova Scotia ('A-1+') where they are each obligated to pay 33.5% of each drawing. The short-term component of the rating represents the likelihood of payment of tenders. The liquidity
