Standard&Poor's Rating Services assigned its 'AAA/A-1+' rating to the city of Philadelphia, Pa.'s general obligation (GO) multimodal refunding bonds, series 2009B based on the application of joint criteria assuming low correlation, where the city is rated 'BBB' and the letter of credit (LOC) provider, Wachovia Bank NA, is rated 'AA/A-1+'. The short-term rating on the bonds is based solely on the LOC provider. The LOC provides coverage for the payment of principal of interest on the bonds, including payment of unremarketed tendered bonds. The initial LOC provides for a maximum of 56 days of interest coverage at 12% per year. The stated expiration date of the LOC is Aug. 12, 2011, unless earlier terminated or extended pursuant to
