Summary: Philadelphia Philadelphia Redevelopment Authority; General Obligation

S&P Global Ratings assigned its 'A' rating to the Philadelphia Redevelopment Authority's (PRA) approximately $89.225 million series 2021A city service agreement revenue bonds (federally taxable social bonds) and approximately $8.695 million series 2021B city service agreement revenue bonds (tax-exempt social bonds) issued for the city of Philadelphia. The outlook is stable. Proceeds of the series 2021A and B bonds will finance certain costs related to the city's Neighborhood Preservation Initiative (NPI) program, which includes investments in affordable housing, neighborhood corridors, and neighborhood infrastructure. The bonds are secured by service fee payments payable by Philadelphia to PRA under a service agreement. The city's service fee is payable solely from current revenues and is unconditional and absolute. The city council is required

...S&P Global Ratings assigned its 'A' rating to the Philadelphia Redevelopment Authority's (PRA) approximately $89.225 million series 2021A city service agreement revenue bonds (federally taxable social bonds) and approximately $8.695 million series 2021B city service agreement revenue bonds (tax-exempt social bonds) issued for the city of Philadelphia. The outlook is stable. Proceeds of the series 2021A and B bonds will finance certain costs related to the city's Neighborhood Preservation Initiative (NPI) program, which includes investments in affordable housing, neighborhood corridors, and neighborhood infrastructure. The bonds are secured by service fee payments payable by Philadelphia to PRA under a service agreement. The city's service fee is payable solely from current revenues and is unconditional and absolute. The city council is required by the city charter to appropriate to pay the service fee in each fiscal year. We rate the bonds at the same level as our view of the city's general...

Summary