Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Philadelphia, Pa.'s tax and revenue anticipation notes (TRANs) series B of 2009-2010. The rating on the TRANs reflects what we view as the city's: Satisfactory 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 (GOs) of Philadelphia (BBB/Stable 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 2010 general fund receipts. Approximately $270 million of the $275 million proceeds will be used to repay TRANs outstanding
