Summary: Philadelphia Redevelopment Authority Philadelphia; General Obligation; General Obligation Equivalent Security; Joint Criteria

Standard&Poor's Ratings Services assigned its 'A+' long-term rating to the Philadelphia Redevelopment Authority (PRA)'s city service agreement revenue refunding bonds, series 2015A. At the same time, Standard&Poor's affirmed its 'A+' long-term rating and underlying rating (SPUR) on Philadelphia's general obligation (GO) debt and GO-equivalent debt supported by the city and issued by the Philadelphia Authority for Industrial Development (PAID) and the Philadelphia Municipal Authority (PMA). The outlook is stable. The 2015A bonds – like the city's other 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

...Standard & Poor's Ratings Services assigned its 'A+' long-term rating to the Philadelphia Redevelopment Authority (PRA)'s city service agreement revenue refunding bonds, series 2015A. At the same time, Standard & Poor's affirmed its 'A+' long-term rating and underlying rating (SPUR) on Philadelphia's general obligation (GO) debt and GO-equivalent debt supported by the city and issued by the Philadelphia Authority for Industrial Development (PAID) and the Philadelphia Municipal Authority (PMA). The outlook is stable. The 2015A bonds ¡ like the city's other 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 agreement provides that so long as any bonds remain outstanding, Philadelphia's...

Summary