S&P Global Ratings assigned its 'A+' long-term rating to Philadelphia's series 2023B water and wastewater revenue bonds and series 2023C 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 $2.5 billion of water and wastewater revenue bonds. The outlook is stable. Securing debt service is pledged collateral, which, in our view, is equivalent to a net revenue pledge of the water and sewer fund. This net revenue pledge includes revenues (net of operating expenses) rates and charges of the system, transfers from the rate stabilization fund (RSF), and interest earnings. Rates must be set to generate revenues and charges plus transfers from the RSF that
