The 'SP-1+' short-term rating on Philadelphia, Pa.'s TRANs reflects the city's: Good general fund liquidity position; and Good historical and projected debt service coverage from net ending general fund cash balances on the segregation dates and TRAN maturity date. The TRANs are general obligations of the city (BBB/Stable long-term GO rating), but the city has not pledged its taxing power and is not required to levy ad valorem taxes for their payment. The notes are payable from fiscal 2007 general fund receipts. Proceeds will finance the city's seasonal cash flow needs. The TRAN repayment account will be held by the trustee, Wachovia Bank N.A. The city is required to deposit funds with the trustee on May 31, 2007, and June
