...S&P Global Ratings assigned its 'A+' long-term rating to Philadelphia's $303.78 million series 2021B taxable water and wastewater revenue refunding bonds. At the same time, we affirmed our 'A+' long-term ratings and underlying ratings (SPURs) on the city's existing $2.3 billion of water and wastewater revenue bonds. The outlook on the ratings is stable. The city will use the proceeds to advance refund eligible maturities of its series 2014A and 2015A and 2015B revenue bonds for savings purposes. Management is not extending the maturity schedule. The bonds are secured by a first-lien pledge on the net revenue of the city's water and sewer fund. A reserve funded in the amount of maximum annual debt service provides additional liquidity. Pledged revenue is defined as -- net of operating expenses -- rates and charges of the system, transfers from the rate stabilization fund (RSF), and interest earnings and must be budgeted to generate at least 1.2x annual debt service on senior revenue bonds...
