Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Philadelphia, Pa.'s series 2008 TRANs. The rating reflects the city's: Good general fund liquidity position, and Good historical and projected debt service coverage (DSC) from net ending general fund cash balances on the segregation dates and TRAN maturity date. The TRANs are general obligations of the city ('BBB' GO rating, stable outlook), though 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 2008 general fund receipts. Proceeds will finance the city's seasonal cash flow needs. The TRAN repayment account will be held by the trustee (Wells Fargo, N.A.). The city is required
