'BBB+' Rating And Stable Outlook Assigned To Philadelphia Gas Works, PA's Revenue Refunding Bonds Aug 11

Standard & Poors, August 2011

Abstract
NEW YORK (Standard & Poor's) Aug. 22, 2011--Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating and stable outlook to Philadelphia Gas Works (PGW), Pa.'s revenue refunding bonds (20th series under the 1975 ordinance and 10th series under the 1998 ordinance). Standard & Poor's also affirmed its long-term and underlying ratings (SPURs) on outstanding parity obligations as well as its 'BBB+' long-term rating, with a stable outlook, on PGW's closed senior lien debt issued under its 1975 ordinance, its 'BBB+' rating on outstanding subordinate lien debt issued under PGW's 1998 ordinance, and its 'BBB' rating on PGW's junior subordinate bonds. Standard & Poor's also affirmed its 'AAA/A-1' rating on certain series of bonds, reflecting application of Standard & Poor's...

Companies mentioned in this report are:
- Philadelphia

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Philadelphia

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