Philadelphia Gas Works' Ratings Remain on CreditWatch Due To Worsened Liquidity Position Feb 02
Standard & Poors, February 2002
Abstract
NEW YORK (Standard & Poor's) Feb. 12, 2002--Standard & Poor's triple-'B' underlying rating (SPUR) and triple-'B' uninsured rating on Philadelphia Gas Works' (PGW) Ordinance 1975 and 1998 senior bonds, and its triple-'B'-minus SPUR on the 1998 Ordinance subordinated bonds remain on CreditWatch with negative implications where they were placed July 20, 2000. PGW's poor liquidity position has worsened with December 2001 cash balances at $3.8 million (2.5 days' cash) compared to ending cash of about $8.4 million at fiscal year-end August 2000. PGW is filing an emergency rate relief in February 2002 with the Pennsylvania Public Utility Commission (PUC) to address liquidity issues. Without immediate cash flow improvement, ratings will be lowered. PGW's poor liquidity is due, in part, to...
Companies mentioned in this report are:
- Philadelphia
Action: Affirmed
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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