Standard&Poor's Ratings Services assigned its 'A-1+' short-term rating to Philadelphia, Pa.'s gas works tax exempt commercial paper series F-1, F-2, and F-3. The rating is based on three separate letters of credit (LOCs) issued for each subseries as detailed below: F-1: JPMorgan Chase Bank N.A. (A-1+) F-2: The Bank of Nova Scotia (A-1+) F-3: Wells Fargo Bank N.A. (A-1+) Each LOC provides a total of $40 million of coverage of principal plus interest on each subseries. The LOCs will initially expire on June 1, 2012, unless extended or earlier terminated in accordance with their terms. The notes are issued under one fiscal agent agreement with separate accounts established for the exclusive use of each subseries. The fiscal agent
