Standard&Poor's Rating Services has raised its rating on Philadelphia, Pa.'s closed senior lien debt issued by Philadelphia Gas Works (PGW) under its 1975 ordinance to 'BBB+ from BBB-', its rating on the subordinate lien debt issued under its 1998 ordinance to 'BBB+' from 'BBB-', and its rating on PGW's junior subordinate bonds to 'BBB' from 'BB+'. At the same time, Standard&Poor's raised its rating on PGW's revenue refunding bonds (1998 general ordinance) series 8D to 'AAA/A-1' from 'AA/A-1', the rating revision reflecting the application of our joint support criteria. Standard&Poor's also assigned its 'BBB+' rating to Philadelphia's gas works revenue bonds (1998 general ordinance), ninth series issued by PGW. The outlook is stable. The
