Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Philadelphia, Pa.'s series A 2008-2009 tax revenue anticipation notes (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 a general obligation (GO) of Philadelphia ('BBB'/Stable long-term GO debt rating), but the city has not pledged its taxing power and is not required to levy ad valorem taxes for its payment. The notes are payable from fiscal 2009 general fund receipts. Officials will use note proceeds to finance the city's seasonal cash flow needs. The trustee will hold the TRAN repayment
