• SELECT SITE CURRENCY
Select a currency for use throughout the site
Summary: Philadelphia, Pennsylvania; Gas; Joint Criteria Aug 10
Standard & Poors, August 2010
Standard & Poor's Rating Services has raised its rating on Philadelphia, Pa.'s closed senior lien debt issued by Philadelphia Gas Works (PGW) under its 1975 ordinance to 'BBB+ from BBB-', its rating on the subordinate lien debt issued under its 1998 ordinance to 'BBB+' from 'BBB-', and its rating on PGW's junior subordinate bonds to 'BBB' from 'BB+'. At the same time, Standard & Poor's raised its rating on PGW's revenue refunding bonds (1998 general ordinance) series 8D to 'AAA/A-1' from 'AA/A-1', the rating revision reflecting the application of our joint support criteria. Standard & Poor's also assigned its 'BBB+' rating to Philadelphia's gas works revenue bonds (1998 general ordinance), ninth series issued by PGW. The outlook is stable. The...
Companies mentioned in this report are:
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.