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Summary: Philadelphia, Pennsylvania; Letter of Credit

Published Jun 19, 2012

1463 words — Published Jun 19, 2012

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Abstract:

Standard&Poor's Ratings Services has affirmed its 'A+/A-1' rating on the City of Philadelphia, Pa.'s gas works variable-rate demand revenue bonds, fifth series A-2. The 'A+' long-term component of the rating is based on the irrevocable direct-pay letter of credit (LOC) provided by JP Morgan Chase Bank, N.A. ('A+/A-1') and addresses the likelihood that bondholders will receive interest and principal payments when due if they do not exercise the put option. The 'A-1' short-term component of the rating is based upon the short-term issuer credit rating on the bank and addresses the likelihood that bondholders will receive interest and principal payments if they exercise the put option. The LOC fully supports all bond payment obligations when the bonds are

Brief Excerpt:

RESEARCH Summary: Philadelphia, Pennsylvania; Letter of Credit Publication date: 19-Jun-2012 Primary Credit Analyst: Victor Medeiros, Boston (1) 617-530-8305; victor_medeiros@standardandpoors.com Secondary Contact: Steve Tencer, CPA,...

Report Type:

Summary

Issuer

Philadelphia

Sector

Global Issuers, Public Finance, Structured Finance

Country

United States

Region

United States

Format:

HTML

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Philadelphia, Pennsylvania; Letter of Credit" Jun 19, 2012. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-Pennsylvania-Letter-of-Credit-977955>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Philadelphia, Pennsylvania; Letter of Credit Jun 19, 2012. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Philadelphia-Pennsylvania-Letter-of-Credit-977955>

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