S&P Global Ratings assigned its 'A+' long-term rating to Philadelphia's $19.9 million Water Infrastructure Finance and Innovation Act (WIFIA) loan and $341.6 million WIFIA master agreement. 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. The 2023 WIFIA loan is being issued pursuant to a WIFIA master agreement between the U.S. Environmental Protection Agency and the City of Philadelphia. The agreement provides for $341.6 million of WIFIA financing with an estimated final loan maturity in 2063 once the city finalizes all its loan draws under the agreement. Securing debt service is pledged collateral, which, in our view, is equivalent
