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

S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development (PAID), Pa.'s approximately $135.4 million city service agreement revenue refunding bonds. At the same time, we affirmed our 'A' rating on Philadelphia's general obligation (GO) bonds and PAID's lease revenue bonds issued for the city. We also affirmed our 'AA+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook is stable. Proceeds of the bonds will be used to restructure the fiscal 2021 maturities of the PAID series 1999B and 2012 bonds as well as the fiscal 2022 payments on the 2012 bonds. The 1999B bond payments will be amortized over fiscal years 2024-2028 and the 2012 bond payments will be amortized

...S&P Global Ratings assigned its 'A' rating to the Philadelphia Authority for Industrial Development (PAID), Pa.'s approximately $135.4 million city service agreement revenue refunding bonds. At the same time, we affirmed our 'A' rating on Philadelphia's general obligation (GO) bonds and PAID's lease revenue bonds issued for the city. We also affirmed our '##+/A-1+' rating on certain PAID debt, with TD Bank providing liquidity support. The outlook is stable. Proceeds of the bonds will be used to restructure the fiscal 2021 maturities of the PAID series 1999B and 2012 bonds as well as the fiscal 2022 payments on the 2012 bonds. The 1999B bond payments will be amortized over fiscal years 2024-2028 and the 2012 bond payments will be amortized over fiscal years 2033-2035, resulting in a slight increase in debt service costs in those years. The restructuring will provide $75 million of general fund budgetary relief ($99 million across all funds) for fiscal 2021. We view the restructuring as a...

Summary