Standard&Poor's Ratings Services has affirmed its 'AAA/A-1+' rating on the city of Philadelphia, Pa.'s series 2009B general obligation (GO) multimodal refunding bonds, following the substitution of the letter of credit (LOC) provider to Royal Bank of Canada (AA-/A-1+) from the LOC provided by Wells Fargo Bank NA (AA/A-1+). The rating on the bonds continues to be based on the application of joint criteria assuming low correlation, between the city, which is rated 'BBB', and the LOC provider. 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 LOC provides for a maximum of 56
