Standard&Poor's Ratings Services affirmed its 'AAA/A-1' rating on Philadelphia, Pa.'s water and wastewater variable-rate demand bonds series 2005B, due to the bank facility being extended to July 1, 2013. The long-term component of rating is based jointly (assuming low correlation) on the ratings on the obligor, Philadelphia, and the letter of credit provider, Bank of America N.A. The short-term component of the rating is based solely on the rating on the letter of credit provider, Bank of America N.A. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009 USPF Criteria: Municipal Applications For Joint Support Criteria, June 25, 2007 Criteria: Joint Support Criteria Update, April 22, 2009
