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Summary: Philadelphia, Pennsylvania; Joint Criteria

Published Jul 09, 2009

525 words — Published Jul 09, 2009

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Abstract:

Standard&Poor's Ratings Services raised its rating on on Philadelphia, Pa.'s water and wastewater revenue refunding bonds variable rate series 2005B to 'AAA/A-1' from 'AAA/A-2' based on the application of Standard&Poor's low-correlation joint criteria using a letter of credit (LOC) provided by the Bank of America (A+/A-1) and the city of Philadelphia (A-). Previously the bonds were rated based on an FSA insurance (AAA) policy and a standby bond purchase agreement provided by DEPFA Bank (A-2). The LOC will provides coverage for payment of principal and interest on the bonds, including unremarketed tendered bonds. The LOC provides for a maximum of 49 days of interest coverage at the 12% maximum rate. The anticipated expiration date of the

Brief Excerpt:

RESEARCH Summary: Philadelphia, Pennsylvania; Joint Criteria Publication date: 09-Jul-2009 Primary Credit Analyst: Ryan Butler, New York (1) 212-438-2122; ryan_butler@standardandpoors.com Secondary Credit Analyst: Santos Souffront,...

Report Type:

Summary

Issuer

Philadelphia

Sector

Global Issuers, Public Finance, Structured Finance

Country

United States

Region

United States

Format:

HTML

Philadelphia, PA, Gas Works Revenue Refunding Bonds, Eighth Series A Rated 'BBB-'; Other Ratings Affirmed – 2009/07/13 – US$ 150.00

Philadelphia, Pennsylvania; Gas – 2009/07/14 – US$ 500.00

Summary: Philadelphia, Pennsylvania; Gas – 2009/07/14 – US$ 225.00

Summary: Philadelphia, Pennsylvania; Joint Criteria – 2009/07/30 – US$ 225.00

S&P Corrects And Raises Ratings On Philadelphia, PA's Series 2007A and 2007B Water And Sewer Revenue Bonds – 2009/07/31 – US$ 150.00

Philadelphia; General Obligation; General Obligation Equivalent Security – 2009/07/09 – US$ 500.00

Summary: Philadelphia; General Obligation; General Obligation Equivalent Security – 2009/07/09 – US$ 225.00

Philadelphia General Obligation Fixed-Rate Refunding Bonds, Series 2009A Rated 'BBB'; Parity Debt Affirmed At 'BBB' – 2009/07/07 – US$ 150.00

Philadelphia Municipal Authority; Philadelphia; Appropriations – 2009/06/16 – US$ 500.00

Summary: Philadelphia Municipal Authority; Philadelphia; Appropriations – 2009/06/16 – US$ 225.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Philadelphia, Pennsylvania; Joint Criteria" Jul 09, 2009. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-Pennsylvania-Joint-Criteria-732974>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Philadelphia, Pennsylvania; Joint Criteria Jul 09, 2009. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-Pennsylvania-Joint-Criteria-732974>

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