Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Philadelphia, Pa.'s tax and revenue anticipation notes (TRANs) of 2010 - 2011. The rating on the TRANs reflects what we view as the city's: Satisfactory liquidity position, when including alternate liquidity from its consolidated cash funds; 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 2011 general fund receipts. Though not pledged as security, additional liquidity is
