Standard&Poor's Ratings Services assigned its 'AAA/A-1+' rating to Philadelphia, Pa.'s general obligation multimodal refunding bonds series 2007B. The long-term component of the rating is based on a bond insurance policy provided by Financial Security Assurance Inc. (AAA). The long-term component of the rating represent the likelihood that debt service will be paid over the life of the issue. The short-term component of the rating represents the likelihood of payment of tenders and reflects a liquidity facility provided by Dexia Credit Local (A-1+). The liquidity facility, which is a SBPA, shall provide coverage for principal and 34 days of interest at 12% for the purchase price of bonds in the weekly rate mode that are not successfully remarketed. The
