NEW YORK (Standard & Poor's) Feb. 8, 2005--Standard & Poor's Ratings Services assigned its 'BBB' rating to Philadelphia Redevelopment Authority, Pa.'s $146.995 million taxable revenue bonds, qualified redevelopment revenue bonds, and revenue bonds, series 2005A, B, and C, respectively, as part of the city of Philadelphia's Neighborhood Transformation Initiative. The bonds are secured by a service agreement between the city and the authority; the rating, therefore, is based on the city's general credit characteristics. At the same time, Standard & Poor's affirmed its 'BBB' rating and underlying rating (SPUR) on all general obligation and parity debt issued by, and on behalf of, the city of Philadelphia. The outlook is stable, reflecting the combination of oversight from the Pennsylvania Intergovernmental Cooperation...
Companies mentioned in this report are:
- Philadelphia Redev Auth
- Philadelphia Auth for Indl Dev
- Philadelphia Pkg Auth
- Pennsylvania Convention Ctr Auth
Action: New Rating
Action: Outlook: Stable
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Research type: News
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