Standard&Poor's Ratings Services assigned its 'A+' long-term rating to the Philadelphia Redevelopment Authority's (PRA) series 2015B city service agreement revenue refunding bonds. This rating is the same as that assigned to the PRA's $73.185 million series 2015A revenue bonds issued on the same date as the series 2015B bonds. The outlook is stable. The 2015B bonds--like the city's other general obligation (GO)-equivalent debt-–are a limited obligation of the authority, payable solely from revenue under the service agreement between it and the city. Under the agreement, Philadelphia agrees to pay a service fee out if its general fund sufficient to cover all bond principal and interest payments. While the service fee is payable only from current city revenue, the
