Standard&Poor's Ratings Services has affirmed its 'A' long-term rating and underlying rating (SPUR) on Philadelphia, Pa.'s water and wastewater revenue debt. We also affirmed the 'AAA' long-term rating and 'A-1' short-term rating on the city's series 1997B and 2005B bonds, which are jointly secured by the city and a letter of credit provider. The outlook on the bonds is stable, except for when joint criteria has been applied to the issue's long-term rating, in which case the outlook is not meaningful. The 'A' ratings are based on the following characteristics: A broad service area that covers the city of Philadelphia and several suburbs, but with an overall weak economic profile when comparing income levels and unemployment rates to
