S&P Global Ratings assigned its 'A+' long-term rating to Philadelphia's series 2022C water and wastewater revenue 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 is stable. Securing debt service are net revenues of the water and sewer fund, which include (net of operating expenses) rates and charges of the system, transfers from the rate stabilization fund (RSF), and interest earnings; bonds are further secured by a debt service reserve account funded at maximum annual debt service (MADS). Rates must be set to generate revenues and charges plus transfers from the RSF that represent at least 1.2x annual debt service
