Summary: Philadelphia Philadelphia Authority for Industrial Development; General Obligation; General Obligation Equivalent Security; Joint Criteria

S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development's (PAID) series 2018 city service agreement revenue bonds (Rebuild Project). The outlook is stable. The authority's 2018 service agreement bonds and existing city agreement revenue bonds are limited obligations of the city, payable solely from service fees from the city under the city service agreement. The city has covenanted in the service agreement and the ordinance to include in its annual operating budget and appropriate in each fiscal year amounts sufficient to pay all service fee payments in the year it is due. Although current city revenue secures service fees, the city service agreement provides that as long as the bonds remain outstanding, Philadelphia's obligation to

...S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development's (PAID) series 2018 city service agreement revenue bonds (Rebuild Project). The outlook is stable. The authority's 2018 service agreement bonds and existing city agreement revenue bonds are limited obligations of the city, payable solely from service fees from the city under the city service agreement. The city has covenanted in the service agreement and the ordinance to include in its annual operating budget and appropriate in each fiscal year amounts sufficient to pay all service fee payments in the year it is due. Although current city revenue secures service fees, the city service agreement provides that as long as the bonds remain outstanding, Philadelphia's obligation to pay service fees is absolute and unconditional. Therefore, under our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018, on RatingsDirect), we rate these...

Summary