Standard&Poor's Ratings Services affirmed its 'AA-/A-1+' rating on Philadelphia, Pa.'s gas works bonds fifth series A-2 due to the bank facility being extended to Oct. 19, 2012. The long-term and short-term components of the rating are based severally on Bank of Nova Scotia and JPMorgan Chase Bank N.A. At the same time, Standard&Poor's affirmed its 'A-1+' short-term rating on Philadelphia's gas works tax-exempt commercial paper notes due to the bank facility being extended to June 1, 2012. The short-term rating is based severally on Bank of Nova Scotia, JPMorgan Chase Bank N.A., and Wells Fargo Bank N.A. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009
